Award amount entry

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Executive
35 Points Joined November 2014

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
4429 Points Joined June 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...!!!"
128147 Points Joined January 2015
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
35 Points Joined November 2014

Thanks for ur valuable reply...

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On 30 July 2018 at 14:54
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Executive
35 Points Joined November 2014

 

Thanks for ur reply..

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On 30 July 2018 at 14:54
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
You are most welcome .. ...
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On 30 July 2018 at 14:57


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