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Accounting journal entries for Grants
Hi, I am running a pre-school and have recently received a "Capital Grant" of £2000 in form of equipment. With the grant I was given a note that the equipment will remain the property of county council for three years. Can someone help me what a journal entry I should make and whether I should pay tax on Grants? Just to note, our account was not debited with £2000, we simply placed an order within £2000 limit and received goods. I wanted to put as assets but was told that cannot do it as it is not my property for 3 years.
I need help! Please! Anyone please, any ideas? I am googling the answer for days now. |
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