Accounting entry for sale of depb licence

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Santosh Gupta (Querist)
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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?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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22 August 2011 Bank or the party is Debited
DEPB is credited which is an income

Santosh Gupta

Santosh Gupta (Querist)
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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?

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