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ACCOUNTING TREATMENT

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Querist : Anonymous (Querist)
01 May 2010 A COMPANY HAS IMPORTED MACHINERY AGAINST ADVANCE LICENSE . NO CUSTUM DUTY WAS PAID ON IT AS IT WAS AGAINST ADVANCE LICENSE. HOE EVER BILL OF ENTRY MENTIONED CUSTUM DUTY ADJUSTED AND CVD ( ON THIS EXCISE MODVAT IS AVAILABLE ) ADJUSTED AGAINT LICENCE E.G. RS. 100000/= EACH. WHAT WILL BE THE ACCOUNTING TREATEMENT OF THIS CUSTOM DUTY AND THIS CVD ( MODVAT ) IN THE BOOKS
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 May 2010 COMPANY HAS IMPORTED MACHINERY AGAINST ADVANCE LICENSE . NO CUSTUM DUTY WAS PAID ON IT IN ACTUAL AS IT WAS AGAINST ADVANCE LICENSE. HOW EVER BILL OF ENTRY MENTIONED CUSTUM DUTY ADJUSTED AND CVD ( ON THIS EXCISE MODVAT IS AVAILABLE ) ADJUSTED AGAINT LICENCE E.G. RS. 100000/= EACH. WHAT WILL BE THE ACCOUNTING TREATEMENT
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