Capital Subsidy Accounting,,,
This query is : Resolved
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14 March 2021
Dear Experts, Capital subsidy has been received (2017-2018) by a firm. To purchase the (Embroidery Machinery)asset the firm has taken term loan from a bank. Now the bank has received the capital subsidy Which bank is showing in the Subsidiary Loan Saving Account, there is no change in the O / S terms also, how to do it in the entry book?
Is this entry correct for me?
Term loan A/c Dr. 700000
To Subsuidy A/c. 700000
Is this entry correct for me?
Term loan A/c Dr. 700000
To Subsuidy A/c. 700000
14 March 2021
Credit the subsidy to machinery account.
15 March 2021
You mean ?
Subsidy a/c Cr. 700000
machinery a/c dr. 700000
Subsidy a/c Cr. 700000
machinery a/c dr. 700000
16 March 2021
No, credit machinery with subsidy received.
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