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)
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.
CAclubindia
