Trust Finanacials, Other Topics

[CHITRA RAGURAM]

A trustee is donating his land to the trust for construction of educational institution. A gift deed was executed in this regard.

In the trust books, i am passing an entry "Land A/c Debit and Credit Trustee Account" - Is this correct ?

Posts / Replies

[Venkatesan K]

Yes. it is correct.

[GOPALJI AGRAWAL]

From your query, it appears that you would treat trustee account as creditor or payables if it is so then you should pass the entry as under

 

Land Dr

Corpus fund Cr