BBS College received grant of 1,05,00,000 from UGC the details of the grant provided that 75,00,000 is
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BBS College received grant of ₹1,05,00,000 from UGC the details of the grant provided that ₹75,00,000 is for the construction of three rooms, ₹17,50,000 for computers and internet and ₹12,50,000 for books and journal. The work should be completed in two years. The building was constructed by incurring a cost of ₹73,25,000. However, computers and internet was set up at a cost of ₹19,00,000 and books and journal were purchased for ₹12,00,000 within the specified period. Show how grant is to be recognized in the books of account.
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