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Accounting of duty drawback

Accounting Entries 28211 views 8 replies

Hi.

May i know whether there is any expert opinion on accounting treatment for duty drawback?

Replies (8)

Hi

Duty drawback receivable a/c   Dr

   To P&L a/c  Cr

(On being export of DBK eligilble goods )

Duty drawback received a/c Dr

    To Duty drawback receivable a/c  Cr

(On receipt of DBK )

 

 

sir plzzz suggest duty draw back entries ....plzzz

Hi ,

On Export of Goods (Subject to AS-9)

 Duty Drawback receivable A/c (Current Asset)

    To Duty drawback A/c (Income)

 

On Receipt of Duty Drawback

  Bank A/c

    To Duty Drawback Receivable A/c

@ When invoice for Export is booking in the Books of Accounts:

Duty Draw Back Receivable A/c   Dr

  To Duty Draw Back ( Revenue ) A/c   Cr

( Amount as per Shipping bill be considered and Invoice wise Duty draw back entries shall be passed )

@ on receipt of DDB

Bank A/c Dr

     To Duty Draw Back Receivable A/c   Dr

 

 

 

i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not. 

i am a merchent exporter. and we are getting drawback from custom . can you please tell me right entry. and can you tell me that as we get drawback that is income taxble or not. 

my number 9887744007

hi, i wlould like to know how we know the Duty draw back refund amt earlier?

 

or we have to pass both Entry at a time or only Receipt entry pls guide

Hi , i would like to know we have to pass both entry or only Bank A/c To Duty Drawback Receivable A/c will come pls guide


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