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As 12

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(Querist)
16 April 2014 Sub: how to treat government grant received for depreciable asset

A machinery capitalized @ 1,20,000/- on 1 Jan 2012. and im following SLM method @ 16.70%....
In sep 2013 i have recd. grant of 50,000/- now how i have to treat in my books. what is the effect in my p&l a/c.

Please reply
Thanks
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CA Deven

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CA Deven (Expert)
16 April 2014 you need to deduct it from cast of the asset as per AS 12.
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Arun

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Arun (Querist)
16 April 2014 To i need to re calculate the depreciation and should give credit to p&l a/c ...?
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