Finacial Assistence from Fund
This query is : Resolved
25 February 2008
Financial Assistance in the form of cash
(non -returnable) + agency service from a *government fund to a private company for
office automation ( software installation).
We can account this cash as miscellaneous income in P& L A/c.
How we will account this income in other ways?
How it will b/f in the next fiscal year ?
( *Not from Indian Govt. but from a middle east country ministry)
(non -returnable) + agency service from a *government fund to a private company for
office automation ( software installation).
We can account this cash as miscellaneous income in P& L A/c.
How we will account this income in other ways?
How it will b/f in the next fiscal year ?
( *Not from Indian Govt. but from a middle east country ministry)
S.Srinivasaraghavan
(Expert)
25 February 2008
Please clarify how are you treating the office automation in your books.
25 February 2008
stationary exp, Office automation & computer repairs& maint etc are trating as indiect exp in P&L.
How we will account financial assistance ( non returnable) from govt fund.
How we will account financial assistance ( non returnable) from govt fund.
S.Srinivasaraghavan
(Expert)
25 February 2008
If you are charging off the automation expenses in P&L, show the amount contributed by the outside agency as recovery thereagainst. The net will be the charge to P & L.
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