Government accounting
This query is : Resolved
Nitesh Parmar
(Querist)
06 June 2014
Dear,
one government department like forest department received grants for some project, out of which they purchased some assets like vehicle. my question is that can depreciation be calculated on such? if yes then please provide rate. and please suggest any accounting standard for the accounting of such grant received by government department.
one government department like forest department received grants for some project, out of which they purchased some assets like vehicle. my question is that can depreciation be calculated on such? if yes then please provide rate. and please suggest any accounting standard for the accounting of such grant received by government department.
06 June 2014
u need to follow as 13 and there is option wheteher to deuct the amount from fixed assets or can take it as deffered income refer as 13
Rupesh Jain
(Expert)
07 June 2014
AS-12 for grant, AS-13 for investment and AS -10 for fixed assets.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
