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Donated land

Asked Sep 21, 2010, 11:46 PM — 7 Answers
What's the accounting treatment of donated land

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7 Answers
hamzashakaa's Avatar
hamzashakaa Posts: 161, Reputation: 47
Junior Member
  
#2

Sep 22, 2010, 04:55 AM
If the land is received from a government agency then you should record the land at fair value and you should credit the donated capital account in the equity section of the balance sheet. If the donation is received from a nongovernmental agency then you should record a gain on receipt of a donated capital in the income statement.
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hamzashakaa's Avatar
hamzashakaa Posts: 161, Reputation: 47
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#3

Sep 22, 2010, 07:36 AM
Yes you should use this account in case of revaluation
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YYstella's Avatar
YYstella Posts: 4, Reputation: 10
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#4

Sep 22, 2010, 08:21 AM
Comment on hamzashakaa's post
Quote:
Originally Posted by hamzashakaa View Post
If the land is received from a government agency then you should record the land at fair value and you should credit the donated capital account in the equity section of the balance sheet. If the donation is received from a nongovernmental agency then you should record a gain on receipt of a donated capital in the income statement.
Could you also help me with this
One,thank you!
Http://www.askmehelpdesk.com/go/explore.php?do=showthread&t=509792
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morgaine300's Avatar
morgaine300 Posts: 6,564, Reputation: 1474
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#5

Sep 22, 2010, 12:17 PM
Yystella, if you want to respond to someone, please scroll down and use the answer box instead of the little comment thing. (We'll call it a "technical issue" but the comment box was only meant for just like a quick thank you or something, not a follow up post.)
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wilkal04's Avatar
wilkal04 Posts: 1, Reputation: 1
New Member
  
#6

May 29, 2012, 03:18 PM
you can not book a gain at donation....you just credit a Paid In Capital Account. Gain, if any will be recognixed when sale...
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paraclete's Avatar
paraclete Posts: 1,879, Reputation: 585
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#7

May 30, 2012, 03:41 AM
why does this question show zero answers and yet has several answers?
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