Hi Sir, We are a society registered organisation. we had an assets supposed of rs. 1000 and also receivable of rs. 1000 from the donor. and the donor deducted the amount. How settlement would place in account.
We cannot understand the question properly but anyway will attempt an answer.
The asset of Rs.1000 has to be shown in your Fixed Asset Schedule. The receivable that the donor is now indicating will not be paid should be written off from the Income & Expenditure statement.
Hope we have answered the question based on your query. If not, please clarify further.
C Sharad Bhargava