View Full Version : Donated land
YYstella
Sep 21, 2010, 11:46 PM
What's the accounting treatment of donated land?
hamzashakaa
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.
hamzashakaa
Sep 22, 2010, 07:36 AM
Yes you should use this account in case of revaluation
YYstella
Sep 22, 2010, 08:21 AM
could u also help me with this
one,thank you!
https://www.askmehelpdesk.com/go/explore.php?do=showthread&t=509792
morgaine300
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.)
wilkal04
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...
paraclete
May 30, 2012, 03:41 AM
Why does this question show zero answers and yet has several answers?