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What are the journal entries the FoodForAll will record

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Reference no: EM132813248

Question - FoodForAll is a charity organisation that provides school lunches in primary schools all over the country. On the 1 st January 2020 a local government has provided a grant of $500 000 to FoodForAll to help children in specific disadvantaged schools under their governance. The local government specified that FoodForAll must only spend the grant money on providing lunches for those designated schools and must pay back any money that is not used by the end of two years. On the 1st January 2021 FoodForAll had spent $300 000 on purchasing and delivering food to these schools. What are the journal entries the FoodForAll will record for the reporting period ending 1st January 2021.

Reference no: EM132813248

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