I need advice on how to record a donation by another company to my company which is not a government agency or a non-profit. The other company has a relationship with the owner of my company. In fact, the owner of my company owns a slight percentage of this other company. The other company donated approx 3,800 in high tech battery equipment for R&D/prototype purposes. There is no expectation of repayment or exhange for this equipment. It was a strict donation. How should this be recorded on our companies ledger given (a) we are not goverment, (b) we are a for profit and (c) the asset is used for R&D/Prototype.
Donations received by for profit
- Thread starter jmdiaz910
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