can we amortize grant on recoverable basis
if we have not received grant in bank and we amortize it in p&l on monthly whether it is right
Menu
Grant amortization
Replies (2)
It can be allowed. Im not sure about the treatment for AS but pretty sure it is just like any other conventional treatment- revenue grants and capital grants. If the bank did not give your grant, accrue it eg.
By RECEIVABLES a/c
To GRANT INCOME a/c (Just an idea so that you can account using accruals).
Sorry wrote the entries upside down before
Recent Topics :
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
Related Topics :
CAclubindia
