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Treatment of Contribution of Fixed Assets from Doner

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(Querist)
06 March 2009 A Society Received a New Machinery as Contribtion from Doner Organisation what would be the treatment of it in Receiving Party's Books of Accounts.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
06 March 2009 Fixed Assest Account will be debited and Donation received will be credited with the value of asset received in donation.

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