1) There is 10 School board members. Among all different denomination of amount received like, 50k, 20k, 80k 1lck, 2lck. Is this amount is Donation or Contribution or Capital ? How can I make entries in tally. In JV or Rcpt Vchr ? Please guide me regarding this sir.
If it is Donation then pass entry as follows , please confirm
Bank A/c Dr
To Donation A/c Cr
( Being donation received )
Transfer Donation to Income & Expenditure A/c
Donation A/c Dr
To Income & Expenditure A/c Cr
( Donation Transfer to I&E A/c)
If some amount want to capitalize then pass entry
Donation A/c Dr
To Capital Fund A/c Cr
( Being donation amount capitalize )
Nice Prasad sir, very useful and elaborated reply,
Also solved my query,
thanks.
CAclubindia
