Journal Entry
This query is : Resolved
27 July 2010
Individual donated a kidney for an Hospital
In the books of the Hospital
Pass Journal Entries
In the books of the Hospital
Pass Journal Entries
27 July 2010
Dear Kannan,
Assuming kidney is classified as inventory in hospital books, it will follow the principal of "cost or market price whichever is lower". So no entry may be required, but it may be prudent to pass an entry like Dr. Stock in hand and Cr. Donation Income for a nominal value of Rs. 0.01.
The Item should be shown on inventory records as 1 quantity.
Assuming kidney is classified as inventory in hospital books, it will follow the principal of "cost or market price whichever is lower". So no entry may be required, but it may be prudent to pass an entry like Dr. Stock in hand and Cr. Donation Income for a nominal value of Rs. 0.01.
The Item should be shown on inventory records as 1 quantity.
27 July 2010
Accounting entries are passed when any event can be converted into money. But Kidney can not be considered into money terms as sale or purchase of kidney is illegal. So according to me for this stock can be maintain but it shall not be recorded in the books of hospital.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
