06 June 2022
A trust was registered on 25 August, 2021. However, the first financial transaction, i.e. transfer of corpus fund occurred on 5 November, 2021.
While preparing the financial statements for the period ended 31 March, 2022, what should be the headline on the top of the income & expenditure account : "Income & Expenditure Account for the period from 5 November, 2021 to 31 March, 2022" OR "Income & Expenditure Account for the period from 25 August, 2021 to 31 March, 2022" ?
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