Govt. Grant
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 October 2010
Dear all , i have rec. a grant of 100000 Rs. for a machine. machines total cost is 120000 Rs. subsidy is to be received in 4 installment @25000Rs. each. plz. suggest me accounting entries for all transactions.
05 October 2010
Fixed asset can be accounted net of grant amount once it is established that grant will be received. Since it is receivable in installments, create an asset for Grant receivable and show in Loans and Advances.
Fixed Assets A/c Dr 120,000
To Liability A/c 120,000
Grant receivable A/c Dr 75,000
Bank A/c Dr 25,000
To Fixed Assets A/c 100,000
Fixed Assets A/c Dr 120,000
To Liability A/c 120,000
Grant receivable A/c Dr 75,000
Bank A/c Dr 25,000
To Fixed Assets A/c 100,000
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