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Grat money recd.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2012 Dear Sirs
A event management co.received money as grant from government Department. for a workshop releted agriculture. so I want to know that it,s our income or not? if it is not fixed assets. what entry wil pass of it ? and whitch head ?

Thaks & Regards
Rajendra

Amey Satish Gogate

Amey Satish Gogate (Expert)

28 December 2012 Grants related to assets are government grants whose primary condition
is that an entity qualifying for them should purchase, construct or
otherwise acquire long-term assets. Subsidiary conditions may also be
attached restricting the type or location of the assets or the periods
during which they are to be acquired or held.

Grants related to income are government grants other than those related
to assets.

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