Clarification regarding subsidy received
This query is : Resolved
20 June 2012
One of my friend received a subsidy from APSFC. Total amount of APSFC Loan of Rs.20 Lakhs. Subsidy Received Rs.5 Lakhs. The same Rs.5 Lakhs has deducted APSFC directly into account. The subsidy is treated as income or not. What I am passing entry to the books of accounts.
Please suggest the same.
Thanking you Sir,
Please suggest the same.
Thanking you Sir,
Guest
Guest
(Expert)
20 June 2012
Dear Murali,
Subsidy is a Business Income so it shall be credited in P&L A/C.
1. Bank a/c Dr. 20 L
To Loan a/c 20 L
2. Loan a/c Dr. 5 L
To Subsidy a/c 5 L
3. Subsidy a/c Dr. 5 L
To P&L a/c 5 L
Subsidy is a Business Income so it shall be credited in P&L A/C.
1. Bank a/c Dr. 20 L
To Loan a/c 20 L
2. Loan a/c Dr. 5 L
To Subsidy a/c 5 L
3. Subsidy a/c Dr. 5 L
To P&L a/c 5 L
Message likes :
1 times
20 June 2012
In case loan has been received for Building or Plant & Machinery, credit subsidy amount to the respective assets account.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
