Supercool Itd. is a manufacturing company, engaged in manufacturing eco-friendly equipment. On April 1, 2023, the Company received a grant of 20…

Supercool Itd. is a manufacturing company, engaged in manufacturing eco-friendly equipment. On April 1, 2023, the Company received a grant of 20 crore from the Government (which is 25% of the total capital of the Company) for various purposes that the company deems fit and no repayment is required to be made to Government. The Company also borrowed 10 crore from financial Institutions and interest paid on the same during the year is 1lac. The Company acquired plant and machinery from the funds for 10 crore and 1 crore was spent on its installation and assembly. 10 lacs were spent on professional fees necessary for installation and operating of the machine. The Company also spent 50lacs on revenue expenditure. The Plant and Machinery was ready for its intended use on September 30, 2023) The depreciation on plant and machinery is charged @10%.