Dear Chartered Accountants,
Please help me out to understand in detail about the maintenance of a Trust Account.
What are all the Books of Accounts need to be maintain?
How the entries should be in books?
Etc....
Thanks & Regards// Kumar
Menu
Trust - Accounts
Replies (1)
Boss, a trust has to maintain accounts mainly for the purpose of Income tax exemptions. The major ones are:
1. Cash/Bank Book
2. Donations A/c(Reciept & Utilization)
3. Government Grants related A/cs (if any), Memmbership fees, Subscripttions
4. Payable , Recievable ledgers
5. Fixed Assets
etc
BAsically the books are almost same but the trust may change the accounting treatment for particular accounts.
Ex; Donations collected (for mid day meals) may be recognised as income over the period of 10 months(Schools remain open)
Recent Topics :
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
- TDS on Property Purchase Paid
- Cash Purchase Above ₹10,000, ITR/40A(3) Trea
Related Topics :
CAclubindia
