The corpus fund received by the trust has been used for revenue purposes which is not permissible.How do we rectify it?
4 Replies
CA FaIyaZ PaTrAwaLa
(CA)
(276 Points)
Replied 20 November 2009
We have to just reverse the entry by debiting Revenue A/c & Crediting Corpus Fund A/c...Thats it.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 20 November 2009
Dear Fatema,
You can resolve ur issue by doing some practicle adjustments/manupulation with your corpus and revenue account. There are no standardise method for manupulate like situation. You just need to check availablity of funds and link it with the revenue expenses. In case u hav insufficient fund, try arrange some by book entries or other legal means.
Thanks and Regards
Juzer
bikram
(Manager)
(22 Points)
Replied 25 September 2011
The unsecsued loan received from other trusts in the previous years, can be transferred in corpus fund on the donnee trust in the current year.
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