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I appeared on FR7 yesterday. It went well.
I have a small doubt and need your valuable guidance:
Scenario is: ( it was asked in Exam)
A company received a government grant $30000 to give training to students for two years on 01.1.20×3.
On 31.12.20×4, the government cancelled the grant since the company did not comply with the requirement. Now the company has to return to the government.
Grants were accounted for properly ( as deferred income and allocated teh expenses properly)
How do we treat it ?
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