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Grant Accounting for CAPEX

id : 98   cat : Accounting   
Small upcoming utility company prepared her financial statements for fy June 2016. During the said period gvt grant Ksh 5.1m was received. This grant was Meant to construct a building. By the end of this period all amount had been disbursed and spent on the intended project. What should be the treatment in the company books?
Asked by : Samuel Ngicho
 DOQ : 2016-12-16 12:16:00
   Samuel Ngicho

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Dr:bank accout and CR : Grant income or other incomes acnt. Dr: work in progress account and Cr suppliers account.....once biil for contruction are paid Dr; Supplier acnt n CR; Bank
 votesDOWN : 0    votesUP : 0
: Njenga Moses  DOA   2016-12-16 12:18:00

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