Forums
Back
Not for profit organisation
Accountancy
In this question, donations of 2lakhs has been utilised for library books so I shd show only 175000 in balance sheet right . But in solutions , it s 2lakhs .plss explain. How ?
Answers (10)
CA Suraj Lakhotia Admin
Library books are separately being shown as Assets.
Yes sir but y not deducting from fund sir??
CA Suraj Lakhotia Admin
Pls pass entry for purchase. You will understand
Yes sir I understood then in what case we have subtract sir ?? Like in case donation for pavilion, we subtract for amt used for construction right sir ?? That's y I asked .
Thread Starter
Reetikaa RSir here it is sir
This is also a possible treatment where to the extent of cost incurred, the amount iis transferred to capital fund.
CA Suraj Lakhotia Admin
This is also a possible treatment where to the extent of cost incurred, the amount iis transferred to capital fund.
Sir so there r 2 ways to treat donations sir . Can I use any of these??
Thread Starter
Reetikaa RSir so there r 2 ways to treat donations sir . Can I use any of these??
To treat books purchased from building and library room fund