What is the journal entry for issuing a donation in kind when the business is set up as a partnership?
submitted by Sandy

well then

If a partnership donates something like equipment or supplies, they need to record it by decreasing the asset they give away and recognizing a donation expense. So, you'd debit Donation Expense and credit the asset account. It's like saying, "We gave away this asset, so it's gone from our books," and we record the cost as an expense.

frembellious

When a partnership gives a donation in kind, they'd debit the donation expense account (or a similar expense account) and credit the asset account. This reflects the value of the donation, but also removes the asset from the partnership's books.