in regards of AS 12
This query is : Resolved
CA Saroj Kumar
(Querist)
22 March 2011
i have received a government grant from goverment which is i m deposited into bank for some period.
condition is any interest received on grant should be refundable to the government.
now my query is wht will be accounting entry on receiving inerest and on rufunding the same.
and how can we show in balance sheet that interest.
condition is any interest received on grant should be refundable to the government.
now my query is wht will be accounting entry on receiving inerest and on rufunding the same.
and how can we show in balance sheet that interest.
CA Saroj Kumar
(Querist)
24 March 2011
hello frds i have find ans.
thanks for giving attention
on receiving the same entry will be
bank A/C ...........dr
To interest on grant.
for depositing the same entry will be
Interest on grant A/C
to bank
in balance sheet it will be shown as current liability.
thanks for giving attention
on receiving the same entry will be
bank A/C ...........dr
To interest on grant.
for depositing the same entry will be
Interest on grant A/C
to bank
in balance sheet it will be shown as current liability.
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