Trust Finanacials

[CHITRA RAGURAM]

A trustee is donating his land to the trust for construction of educational institution. A gift deed was executed in this regard.

In the trust books, i am passing an entry 'Land A/c Debit and Credit Trustee Account' - Is this correct ?

AI Summary

Trustee Donates Land for Educational Institution: Correct Accounting Entry Debate in Trust Books Underway A trustee is donating land to a trust for building an educational institution, and a gift deed has been executed. The query concerns the correct accounting entry for this transaction in the trust's books. The proposed entry is 'Land A/c Debit and Credit Trustee Account.' One respondent confirms this as correct, while another suggests that if the trustee account is treated as a creditor, the entry should be 'Land Dr, Corpus fund Cr.'