On 1st July 2023 and organisaltion AB received Generator 250KV as a gift from a local private donor in total amount of NOK 120.000 with the understanding that generator would be use for a WASH Programme in returnee areas for the constructed water reservoir. Please drfat bookings concering above transaction and please explain how organisation should present this transactions on its 31st December Finnacial Statement. Plese note that in organisational policy is stated: Fixed assets are fully expensed in the accounts at the time of purchase.
On 1st July 2023 and organisaltion AB received Generator 250KV as a gift from a local private donor in total amount of NOK 120.000 with the understanding that generator would be use for a WASH Programme in returnee areas for the constructed water reservoir. Please drfat bookings concering above transaction and please explain how organisation should present this transactions on its 31st December Finnacial Statement. Plese note that in organisational policy is stated: Fixed assets are fully expensed in the accounts at the time of purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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