BGS College (BGS) was granted and paid a grant of 5,00,000 by UGC under border area.
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BGS College (BGS) was granted and paid a grant of ₹ 5,00,000 by UGC under border area. The major condition of the grant being released is that college should spend a total amount of ₹ 6,00,000 including the amount of grant over three years period for the development of a career counseling camps in the college. The college plans to spend ₹ 2,40,000 in the first year, ₹ 1,50,000 in the second year and rest in the third year. Show how grant amount is to be recognized as income in the books of accounts.
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Here the grant amount is most appropriately matched by using proportion method using the amo...View the full answer
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