BJS College received grant of 35,00,000 from UGC. The details of the grant provided that
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BJS College received grant of ₹ 35,00,000 from UGC. The details of the grant provided that ₹ 25,00,000 is for the construction of three rooms, ₹ 7,50,000 for computers and internet and ₹ 2,50,000 for books and journal. The work was to be completed in two years. The building was constructed by incurring a cost of ₹ 23,35,000. However, computers and internet was set up at a cost of ₹ 9,00,000 and books and journal were purchased for ₹ 2,45,000 within the specified period. Show how grant is to be recognized in the books of account.
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As per the rules of grant the amount of grant should be matched against the specific expense head unutilized amount of a particular head cannot be adjusted against the amount spend in excess under cer...View the full answer
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Divya Munir
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
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