in regards of AS 12

This query is : Resolved

CA Saroj Kumar (Querist)
Follow

22 March 2011 i have received a government grant from goverment which is i m deposited into bank for some period.
condition is any interest received on grant should be refundable to the government.
now my query is wht will be accounting entry on receiving inerest and on rufunding the same.
and how can we show in balance sheet that interest.

CA Saroj Kumar

CA Saroj Kumar (Querist)
Follow

24 March 2011 hello frds i have find ans.
thanks for giving attention
on receiving the same entry will be

bank A/C ...........dr
To interest on grant.
for depositing the same entry will be

Interest on grant A/C
to bank

in balance sheet it will be shown as current liability.