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Accouting entry

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(Querist)
02 September 2012 Respected members, if land is given as donation, then what should be accounting treatment. Please reply, its urgent.
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CA SHABIR

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CA SHABIR (Expert)
02 September 2012 Dear Irfan,


Accounting entry in this case should be as under:

Dr. Land
Cr. Donation

Hope the answer given above will sufice the requirement.
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Irfan Khan

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Irfan Khan (Querist)
02 September 2012 Thanks sir, then donation will be transferred in P&L A/C, is it correct?
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