I am working in US Manufacturing company. They have donated their finished goods to charitable institutions which can be sold. How to show in books ( As per US GAAP).
ravichandra (student) (56 Points)
28 August 2009I am working in US Manufacturing company. They have donated their finished goods to charitable institutions which can be sold. How to show in books ( As per US GAAP).
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 04 September 2009
i think its entry wil be as usuall
dontion a/c dr .
to purchase** (stock ) a/c
** if not maintaining stock a/c ....
Arjun Roy
(Chartered Accountant)
(158 Points)
Replied 05 September 2009
extra ordinary item..... dr
to finished goods stock......
show extra ordinary item seperately on face of p&L..
rectify if i m wrong..
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