A private limited company donated land to trust by gift deed how to account for in books of company?????
4 Replies
Siddarth R Sunder Ram
(Finance Professional)
(230 Points)
Replied 27 August 2011
You would need to pass this entry:
Donation A/c........ Dr.
To Land
Ankit
(Final Student)
(101 Points)
Replied 28 August 2011
But then will donation be shown under Indirect Epenses?
Siddarth R Sunder Ram
(Finance Professional)
(230 Points)
Replied 28 August 2011
Yes. It has to be shown under Indirect Expenses. In the Profit and Loss account, you will show it as Donations in the Operating and other Administrative Expenses schedule
Recent Topics
- ITC on Books Purchased by Company
- Best Cloud Storage Solutions for Managing Financia
- GST on Hotel and Restaurant composite bill
- How to utilize partially consumed challan 26QC for
- PF ESI Applicability to Contract employees
- Capital Gains tax for investment cashflows in buyi
- Taxability on Reimbursement of Work From Home Expe
- TDS Receivable Entry in Books of accounts
- Gst on dance classes
- New Remuneration Clause Applicable from which Asse
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
