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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

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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.

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