Acconting of subsidy
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2011
INCASE I AM MANAGING COMPANY ACCOUNTS AND MY COMPANY TAKES A LOAN OF Rs. 500000 AND FROM WHICH WE RECEIVE Rs. 100000 SUBSIDY WHAT SHOULD BE ACCOUNTING ENTRY TELL ME IN DETAIL WITH GROUPING INFORMATION
28 October 2011
1)if the subsidy amount adjusted to the loan account by the bank then
Bank Loan a/c dr 100000
To Asset a/c 100000
2)if the subsidy amount deposited as Fixed/Term Deposit by the bank then
Fixed/Term Deposit a/c dr 100000
To Asset a/c 100000
Alternative to above 1
Bank loan a/c dr
To Subsidy Received a/c
(Being subsidy received)
and
Subsidy Received a/c dr
To Asset a/c
(Being subsidy received amount written off to the Asset)
Alternative to above 2
Fixed deposit a/c dr
To Subsidy received a/c
and
Subsidy Received a/c dr
To Asset a/c
Or any other treatment depending on the method of accounting you followed for any clarification better to consult your CA.
OM SAI SRI SAI JAI JAI SAI
Bank Loan a/c dr 100000
To Asset a/c 100000
2)if the subsidy amount deposited as Fixed/Term Deposit by the bank then
Fixed/Term Deposit a/c dr 100000
To Asset a/c 100000
Alternative to above 1
Bank loan a/c dr
To Subsidy Received a/c
(Being subsidy received)
and
Subsidy Received a/c dr
To Asset a/c
(Being subsidy received amount written off to the Asset)
Alternative to above 2
Fixed deposit a/c dr
To Subsidy received a/c
and
Subsidy Received a/c dr
To Asset a/c
Or any other treatment depending on the method of accounting you followed for any clarification better to consult your CA.
OM SAI SRI SAI JAI JAI SAI
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