Accounting of license for duty purchase import
Querist : Anonymous
1. Initial entry
2. Entry in case if license is sold.
3. Will sale tax be charged on sale of license?, If yes, will the same be disclosed under sale tax return?
4. Entries in the books of purchaser of such license.
Please advise.
www.icai.org/resource_file/96501588-1594.pdf
Querist : Anonymous
the link talks about target plus scheme. I need clarification about accounting of license which is transferable.
Querist : Anonymous
Please tell entries for licence alloted under Krishi Vikas Upaj Yojna
in the year of purchase:
Mandi Licence A/c Dr
To Bank
end of Every Year:
Amoritsation of Mandi Licence Dr
To Mandi Licence
P&L A/c Dr
To Amortisation of Mandi licence
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