Ask Experts Questions for FREE Help !
Ask
    CWatkins2524's Avatar
    CWatkins2524 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 13, 2013, 10:04 AM
    Gift in kind
    We had a car donated to our organization years ago. We just sold it - how would that get posted?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Sep 14, 2013, 12:39 AM
    When a gift in kind is received, it is recorded at fair market value and credited to donated capital.The asset is depreciated on its useful life.On disposal gain or loss is recognised as for purchased asset.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

In Kind Capital Gift: Reporting on P&L and Balance Sheet [ 0 Answers ]

The organization I am volunteering for received an in kind gift, a tractor valued at 15K. I am pretty sure I don't include this as revenue on the profit & loss statement, but want to report on the balance sheet. In that case, how would it be reported? If I am wrong about the P&L please let me...

Should I gift my boyfriend flowers as apology? What kind of flower would be suitable? [ 7 Answers ]

I wonder if guys like to receive flowers specially when they have their friends staying with them. Should I send my boyfriend flowers as a gesture of apology ? What kind of flowers would be suitable ?

How does one make a bookkeeping entry for a donated gift of a gift certificate [ 1 Answers ]

Gift for destination wedding and the couple is also having a reception 1 gift or 2? [ 2 Answers ]

I am attending a destination wedding, Aruba and the couple is also having a reception once they get back in New York. I am attending both. 1) Do I bring the gift with me to Aruba? 2) Do I bring it to the reception? 3) Do I get them a gift for both?

View more questions Search