Donation received for creating a building can be classified as a/an .
A non-profit organisation received Rs 60,000 as a donation from new member. Out of this, 20% of the donation should be used for constructing a building. What is the amount of donation that needs to be shown in the income and expenditure account?
Mr. Farhan, a manager in Not-For-Profit Organisation received a sum off 5,00,000 as donation for construction of building. Mr. Farhan however, used this amount for his personal use.
(i) Identify the value missing in the above case.
(ii) Give the accounting treatment of donation in the financial statements.