Doubt clarification
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2014
Treatment of subsidy received for Purchase of
Solar water Pump
For Example An assessee had purchased a solar water Pump under subsidy scheme
How to account this in the balance sheet and whether we can take this as a fixed asset and claim depreciation rate@ 80%
Tell me where to show in the balance sheet as and in the profit and loss account
Solar water Pump
For Example An assessee had purchased a solar water Pump under subsidy scheme
How to account this in the balance sheet and whether we can take this as a fixed asset and claim depreciation rate@ 80%
Tell me where to show in the balance sheet as and in the profit and loss account
28 December 2014
In this case the subsidy is received on capital account. You have to credit the same to the respective asset account and claim depreciation on the balance (cost less subsidy)at the prescribed rate.
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