27 December 2012
Dear Sirs A event management co.received money as grant from government Department. for a workshop releted agriculture. so I want to know that it,s our income or not? if it is not fixed assets. what entry wil pass of it ? and whitch head ?
28 December 2012
Grants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets. Subsidiary conditions may also be attached restricting the type or location of the assets or the periods during which they are to be acquired or held.
Grants related to income are government grants other than those related to assets.
CAclubindia
