Practicing Success
Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr Ambani a renowned industrialist donated ₹ 50,00,000 on 1stJuly 2020, for the construction of a new hostel and mess for upcoming sportsmen. |
The amount of Rs. 50,00,000 received from Mr Manohar towards building and mess should be transferred to: |
Capital fund General fund Income and Expenditure account Building fund |
Building fund |
Specific Donations: If donation received is to be utilised to achieve specified purpose, it is called Specific Donation. The specific purpose can be an extension of the existing building, construction of new computer laboratory, creation of a book bank, etc. Such donation is to be capitalised and shown on the liabilities side of the Balance Sheet irrespective of the fact whether the amount is big or small. The intention is to utilise the amount for the specified purpose only. |