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How the above transactions will be accounted

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Question - The government of the Republic of Zambia has given UNZA the following grants:

31st July 2019: £2,450,000 for contribution towards the payment of operational expenses for the year 31st December 2019. The total operational expenses for 2019 amount to £6,000,000.

31st October 2019: £6,000,000 contribution towards the cost of constructing hostels. The construction of the hostels was completed on 30th June 2019 at a cost of £20,000,000.

UNZA has adopted the following accounting policies:

1) Revenue grants are accounted for using the deduction method.

2) Asset grants are accounted for using defered income method

3) The useful economic life of the hostels is 50 years and the accounting policy for UNZA is to depreciate buildings at 2% per annum. The financial year end for UNZA is 31st December.

Task - Show how the above transactions will be accounted for in the statement of comprehensive income and in the statement of financial position for UNZA for the year ended 31st December 2019.

Reference no: EM132526828

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