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
1 Replies
MAGESH.G
(STUDENT)
(195 Points)
Replied 04 March 2010
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)
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