Award amount entry

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Executive
25 Points Posted on 30 July 2018

ABC Company has recevied amount from governement (startup cell) for giving some presentation total amount amount Rs.30 Lakhs and ABC has utilised the amount for company expenses as per their terms and conditions. For this how I can pass the entry. please help..

 

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On 30 July 2018 at 13:47 Report
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Coaching and Practice in Tax Audit Law
2572 Points Posted on 30 July 2018

Income from Other Source Head, Other Income.

It will be taxable as per taxability of ABC ltd

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On 30 July 2018 at 13:51
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"Do the Right Thing...!!!"
77792 Points Posted on 30 July 2018
Yes... I agreed to Ms Ruchika Somani.,

Book the amount to PandL account as Award or Other Income under Indirect Income head...
And
It will transferred to RESERVE AND SURPLUS.
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On 30 July 2018 at 14:19
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Executive
25 Points Posted on 30 July 2018

Thanks for ur valuable reply...

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On 30 July 2018 at 14:54
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Executive
25 Points Posted on 30 July 2018

 

Thanks for ur reply..

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On 30 July 2018 at 14:54
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"Do the Right Thing...!!!"
77792 Points Posted on 30 July 2018
You are most welcome .. ...
1 Reply
On 30 July 2018 at 14:57

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