Accounting for trust/ngo
This query is : Resolved
09 July 2014
Sir,
Kindly suggest the accounting treatment of donation received by NGO/Non profit organization. Detail of receipt are as under:-
1. Donation received from Mr.X, Rs-10,000/-
& entry is
Bank/Cash (Dr)......10,000/-
Mr. X (Cr).......10,000/-
(a) Cash\Bank will increase current assets.
(b)Under which head Mr X account create?
Thanks
Kindly suggest the accounting treatment of donation received by NGO/Non profit organization. Detail of receipt are as under:-
1. Donation received from Mr.X, Rs-10,000/-
& entry is
Bank/Cash (Dr)......10,000/-
Mr. X (Cr).......10,000/-
(a) Cash\Bank will increase current assets.
(b)Under which head Mr X account create?
Thanks
09 July 2014
Cash A/c Dr.
To Donation Cr.
To Donation Cr.
10 July 2014
BANK/ CASH A/C DR.
TO DONATION RECEIVED A/C
TO DONATION RECEIVED A/C
10 July 2014
Dear Rupesh Sir, kindly clear that under which head DONATION RECEIVED A/C created.
12 July 2014
under Income Received account
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