DEPB ACCOUNTIN Treatment
This query is : Open
Dheeraj Mishra
(Querist)
28 August 2010
Dear Experts
I am working is a firm we import goods for trading and some times we use depb for custom duty paid. we purchase depb and passed
these journal entry
Purchase a/c dr
vat a/c dr
to creditors a/c
and we do nat pass any entry that show we use DEPB for paid custom duty
please tell me the journal entry in these situations
1 when we purchase DEPB licence
2 when we paid custom duty
please reply
I am working is a firm we import goods for trading and some times we use depb for custom duty paid. we purchase depb and passed
these journal entry
Purchase a/c dr
vat a/c dr
to creditors a/c
and we do nat pass any entry that show we use DEPB for paid custom duty
please tell me the journal entry in these situations
1 when we purchase DEPB licence
2 when we paid custom duty
please reply
28 August 2010
DEPB Licence a/c Dr
To Creditor's a/c
(Being DEPB purchases accounted)
Customs duty a/c Dr
To DEPB Licence a/c
(Being DEPB used,to pay duty,accounted)
To Creditor's a/c
(Being DEPB purchases accounted)
Customs duty a/c Dr
To DEPB Licence a/c
(Being DEPB used,to pay duty,accounted)
Message likes :
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Dheeraj Mishra
(Querist)
28 August 2010
thanks
please tell me we pay more than depb price as vat and file vat return is this correct
please tell me we pay more than depb price as vat and file vat return is this correct
Dheeraj Mishra
(Querist)
28 August 2010
dear sir
please reply one more question
for example if we purchase DEPB in Rs 100 and custom duty is rs 90 then how we treat 10 rs
please reply
please reply one more question
for example if we purchase DEPB in Rs 100 and custom duty is rs 90 then how we treat 10 rs
please reply
13 September 2010
The balance Rs 10 will remain as debit balance in DEPB License account until it is utilised against customs duty payment of any subsequent import.
Message likes :
2 times
Dheeraj Mishra
(Querist)
13 September 2010
thanks for reply
but my question is that the value of depb 90 rs but we pay 100 rs and custom duty is 90 rs then how treat 10 rs. please reply
but my question is that the value of depb 90 rs but we pay 100 rs and custom duty is 90 rs then how treat 10 rs. please reply
Message likes :
1 times
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