Capital reserve _llp
This query is : Resolved
07 October 2021
Can the government grants received by LLP be transferred to Capital Reserve? Is that accounting treatment proper?
Thanks in advance
Thanks in advance
07 October 2021
It depends upon the nature of grant received. If it is of capital nature, then it can be accounted as capital Reserve, but if it is issued for any fixed asset, then the same is adjusted in reducing the cost of the asset. For more clarification .....
Refer: https://cleartax.in/s/as-12-accounting-for-government-grants
Refer: https://cleartax.in/s/as-12-accounting-for-government-grants
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