If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Grant for fixed assets

je55ie · 2009-10-28 14:54:54

Hi all, Can someone tell me how to treat a grant received in the accounts of a sole trader? It was a grant for equipment. I want to know do I just reduce the cost of the equipment, and calculate the capital allowances on this? and how do I treat the income received. all help appreciated

28-10-2009 2:54pm

#1

je55ie

Closed Accounts Posts: 423 ✭✭

Join Date: January 2008

Posts: 370

Hi all,

Can someone tell me how to treat a grant received in the accounts of a sole trader?

It was a grant for equipment. I want to know do I just reduce the cost of the equipment, and calculate the capital allowances on this? and how do I treat the income received.

all help appreciated

0

Comments

#2 30-10-2009 4:49pm

Bookkeeper09

Registered Users, Registered Users 2 Posts: 266 ✭✭

Join Date: April 2009

Posts: 251

Grant is offset against the cost of the asset.
When you receive the money for the grant you will DR Bank and CR your fixed asset account.

0
#3 31-10-2009 9:01pm

je55ie

Closed Accounts Posts: 423 ✭✭

Join Date: January 2008

Posts: 370

thats great thanks

0