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please give correct answer 47 A Ltd. purchased a machinery for $40 lakhs. (Useful life 4 years and residual value $8 lakhs) Government grant received

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47 A Ltd. purchased a machinery for $40 lakhs. (Useful life 4 years and residual value $8 lakhs) Government grant received is $16lakhs. Show the Journal Entry to be passed at the time of refund of grant in the third year and the value of the fixed assets, if: (1) the grant is credited to Fixed Assets A/c

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