Accounting entry for sale of depb licence
This query is : Resolved
Santosh Gupta
(Querist)
21 August 2011
WE ARE THE EXPORTER & WE RECEIVES DEPB LICENSE FROM GOVT AS A EXPORT INCENTIVE. I WANT TO NOW FOR EXAMPLE THE DEPB LICENSE RELATE TO FY 2010-11 & WE BOOKED EXPORT INCENTIVE RECEIVABLE IN THE B/SHEET OF THAT YEAR & WE ALSO SALE THIS LICENSE TO LOCAL CLIENT in next year & ALSO CHARGES VAT ON THIS. THE PROBLEM IS THAT WE HAVE ALREADY BOOKED THIS LIC. AS INCOME FOR THE YEAR 2010-11 AND NEXT YEAR WE SALE THIS LIC. AND ALSO CHARGES VAT U PLEASE TELL ME THE TREATMENT OF ACCOUNTING ENTRY IN THE BOTH YEAR AND ALSO IN VAT RETURN & VAT 20 FORM.Is there any Excel should be maintained by us for DEPB Calculation?
22 August 2011
Bank or the party is Debited
DEPB is credited which is an income
DEPB is credited which is an income
Santosh Gupta
(Querist)
22 August 2011
Sorry Sir
But i am not satisfied with the answer u suggest as a professional.
You not told the treatment of VAT also.
Can u explain with example and journal entry pass at closing of year?
But i am not satisfied with the answer u suggest as a professional.
You not told the treatment of VAT also.
Can u explain with example and journal entry pass at closing of year?
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