As-12
This query is : Resolved
19 August 2014
in case of government grant received with respect to fixed asset purchased, we want to show the grant received as deferred income. after writing back a portion of it to P/L @ depreciation charged, Where shall we show the balance of deferred income in Balance sheet?
19 August 2014
it will be transferred to reserves a/c when u rec and in proportion to dep to be chargeable on fixed assets every year equal amount shall be transferred to deferred income a/c and bal will be there under reserves in bal sheet
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20 August 2014
you can reduce the value of assets or you can make reserve and take depreciation amount in the reserve a/c and in profit and loss a/c
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