Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

Exhibition subsidy form gov.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2012 receive subsidy form gov. for overseas exhibition kindly advise me account head and under also suitable ledger name it is direct income or in direct income ?

Amey Satish Gogate

Amey Satish Gogate (Expert)
Follow

30 December 2012 If grant is related to purchase, construction or acquisition of fixed asset then either reduced grant from cost of asset or account for grant under the head deferred Govt. Grant and to be transfer to income @ same rate at which depreciation on related asset is charged
If grant is related to other than purchase, construction or acquisition of fixed asset then identify schedule of cost based on conditions under which grant is given. Receipt of grant should be accounted as Deferred Govt Grant and then to be transferred to P & L in the ratio of cost as per schedule as stated above

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2013 this is only advertisement expense not related to fix asset

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok