Government grants
This query is : Open
22 April 2016
A Ltd. purchased a machinery for rs 40 lakhs (useful lyf 4 yrs and residual value 8 lakhs) What would be the journal entry at the tym of refund of grant in the third year and the value of fixed assets ifThe grant is credited to fixed asset account.....Please help and give your opinion regarding this.....
Gokul Sharma
(Expert)
22 April 2016
fixed asset AC Dr to bank .... than depreciate the asset in remaining years.
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