Question

donations comes under ???


a. income
b. expenditure
c.liabilites
d. asset​

Answer 1

Answer:

Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations, however, are not eligible for deductions under section 80G. Only donations made to prescribed funds qualify as a deduction.

Explanation:

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Answer 2

Answer:

A Balance Sheet is a statement which we prepare at the end of an accounting year after preparing Income and Expenditure Account. The excess of assets over liabilities in Not-for-Profit Organization is known as Capital Fund. We show the surplus or deficit of Income and Expenditure Account by adding or deducting it from the Capital Fund. Also, there are some special accounts which also help in preparing the Balance Sheet.

Explanation:

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