Accounting
This query is : Resolved
Hardik Sutariya
(Querist)
19 June 2010
My query is that, if we received central Government subsudy in respect of term loan
then how we can recognise this transaction in the books of account under which group the subsidy is come.
then how we can recognise this transaction in the books of account under which group the subsidy is come.
Manek Amit
(Expert)
19 June 2010
If one received subsidy from the governement then one can treat subsidy as follows
If subsidy is related to fixed assets then one should reduce the cost of assets up to the extent of subsidy
or if it is given for any business or generally then it should be considered as income as indirect income
If subsidy is related to fixed assets then one should reduce the cost of assets up to the extent of subsidy
or if it is given for any business or generally then it should be considered as income as indirect income
CA G. SURYANARAYANAN
(Expert)
19 June 2010
The Government subsidy towards term loan shall be credited to term loan account and normally the Bank which has sanctioned the term loan receives the subsidy and credits the same in your loan account.
Manek Amit
(Expert)
21 June 2010
Ya agreed...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
