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Prepare journal entries for the year ended december

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Hyson limited manufactures tube lights and recently received a government grant of Rs.300000 to purchase the glass manufacturing machine for Rs.500000 on 1st January 2008. A condition is placed by the government to produce 10000 tube lights for the new government building by 31st December 2009. Failure to comply with part or this entire requirement would cause a proportionate amount of the grant to be repayable.

  1. For the 2008 financial year Hyson limited produced and installed 6000 tube lights in the new government building. However due to frequent power shortage during 2009 only 2000 of the government requirement tube lights were produced and installed in 2009.
  2. The useful life of glass producing machine was 5 years.


Required:

Question 1: Prepare journal entries for the year ended December 2008 and 2009 according to IAS 20 assuming Hyson limited has a policy of recognizing grant as deferred income.

Question 2: Prepare journal entries for the year ended December 2008 and 2009 according to IAS 20 assuming Hyson limited has a policy of recognizing grant as writing off against the asset.

Reference no: EM132512895

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