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Yeah, Indeed, there was no 60000. Thank you! This question really once again shows, that ACCA is all about the whole syllabus, all those details and not always the most widely spread things. I just hope i pass! If not- I’ll just know, what to learn better.
This was my first question and I got stuck. I knew well about the treatment of asset grants. But I knew next to nothing about income grants. During the exam I just couldn’t figure out what they are asking for. As I see now there are 2 types of income grants. First refer to past expenses. In this case they debit bank, credit spl. So for me this seems to be our case. So what was then required, if the whole amount was already credited to Other income?
Or we had to select this? debit bank 60000, credit other income 60000. I actually, don’t remember the options given.The second option is income grants referring to future expenses. But not the case here.