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Provide a definition and outline purpose of government grant

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Reference no: EM132613441

Problem 1. Provide a definition and outline purpose of a government grant. 

Problem 2. Explain when government grants are recognised. 

Problem 3. The government grants the parks department R500 000 to contribute to 10% of the maintenance and upgrade of the parks. The grant was received on the 15 January 2020 as a result of compliance with certain conditions in 2019 ie the previous year. All conditions attaching to the grant had all been met on the date of receipt of the funds.

Provide the journal entries in the municipality's general journal under the following scenarios:

A The municipality incurs R5 000 000 costs in the year ended 31 December 2020

B The municipality incurs R3 000 000 of the expenditure in the year ended 31 December 2020 and R2 000 000 in the year ended 31 December 2021.

Reference no: EM132613441

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