Accounting entries of donating medical materials during the epidemic period

The accounting entries of medical materials donated during the epidemic period are as follows:

1, foreign donations:

Debit: non-operating expenses-donation expenses

Loan: Cash on hand (or bank deposit)

2. Accept donations:

Borrowing: cash on hand (or bank deposit), fixed assets, intangible assets, raw materials, etc.

Loan: non-operating income-donation profit

3, if the business of the enterprise is to produce medical supplies:

Borrow: non-operating expenses-public welfare donation expenses

Loans: Goods in stock

Corporate charitable donations are tax-free items and do not need to be taxed. If the input tax deduction has occurred before, the input tax of VAT needs to be transferred out.

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