I work for a trust (on a voluntary basis) who are now looking into becoming a Charity.
I am getting their accounts in order and currently in the process of preparing their balance sheet for the last two years.
They have not prepared one before, but consistently prepare their Income Statement.
They have a property which I want to account for and I’m not sure of the double entry. Where would the credit entry go?
The property was purchased quite a long time ago so will have had increased in value significantly since its purchase.
Any ideas will be appreciated!