DOUBLE ENTRY FOR GIFT OF CAR
Posted: Fri Jan 02, 2015 6:08 pm
Please what will be the double entry for gift of a car and musical equipment receive by church or donated to the church. Thanks
Question ... is the car going to be sold or used by the church ? Are the instruments going to be used in the church or sold?rccgdhg wrote:Please what will be the double entry for gift of a car and musical equipment receive by church or donated to the church. Thanks
The answer to those questions will determine the answer to your question.
As far as acknowledging the gifts to the donor, all that is required is a letter to the donor affirming the receipt of the gifts and when (if you got them on the 2nd of January, they can't be used as deductions in 2014. I don't believe you have to put a value on the letter, however, if you do have the bill of sale, you can use the amounts listed there.