Depb accounting....very important...very urgent...experts gu
This query is : Resolved
16 January 2012
Dear Experts,
The company in which i am put for the internal audit does export sales too.
They are eligible to get the export incentives as per the DGFT guidelines.
Suppose if they make export sales 100000
They are eligible for DEPB for 8000
They make an application to get that DEPB certificate amounting 8000.
Then they sell it to the outsiders for 7000. Sometimes it may be even less than 7000 say 6000.
1)Please tell me is there any instituite guidelines as per AS-9 (revenue recognition) or any other pronouncement on how to account this eligible DEPB of 8000. But the actual receipt is 7000 or 6000.
Thanking you,
With regards,
Rajesh.
The company in which i am put for the internal audit does export sales too.
They are eligible to get the export incentives as per the DGFT guidelines.
Suppose if they make export sales 100000
They are eligible for DEPB for 8000
They make an application to get that DEPB certificate amounting 8000.
Then they sell it to the outsiders for 7000. Sometimes it may be even less than 7000 say 6000.
1)Please tell me is there any instituite guidelines as per AS-9 (revenue recognition) or any other pronouncement on how to account this eligible DEPB of 8000. But the actual receipt is 7000 or 6000.
Thanking you,
With regards,
Rajesh.
16 January 2012
After read the below mentioned link if you have any query , ask…
https://220.227.161.86/11109p635-637.pdf
https://www.caclubindia.com/experts/depb-a-c-treatment-301165.asp
https://220.227.161.86/11109p635-637.pdf
https://www.caclubindia.com/experts/depb-a-c-treatment-301165.asp
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