What will be treatment of fund received for special purpose.
A govt office is reciving fund for Govt. and he trasfrer that fund into varous district. ?
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 14 January 2017
Do you mean to say, the funds are not utilized for the specific cause?
Rahul Prasad
(CA Student)
(1683 Points)
Replied 14 January 2017
Transferring to various district for thier assingmnet is the purpose for receiving the fund.
I want to know at the time of reciving and at the time to transferring the amount what entry should i do.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 14 January 2017
Creating new ledgers for the specific fund to each Disrticts would be better to track the flow of funds.
1. Receipt of funds: Bank acc Dr.
Cr. ABC Sp. funds acc.
2. Distribution : ABC Sp. funds Dr.
Cr District Sp. Fund acc with naration of each District name.
3. Disbursment: District Sp. Fund acc Dr.
Cr. Bank ac.
Rahul Prasad
(CA Student)
(1683 Points)
Replied 14 January 2017
shuold it be shown to current liablities or reserve and surplus?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 14 January 2017
Can be taken as Reserve & Surplus.
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