Duty Credit Scrips

Duty Credit Scrips are valid for 24 months after 2016 , so in my opinion scrips should be non current Assets ( others)

when you sale them entry will be

Trade Debtors A/c Dr
To Duty Credit Scrips A/c Cr
( Booking of sales of Scrips)

You may not received full amount , because in such cases customer may ask for discount .
so entry will be .

Bank A/c Dr
Discount A/c Dr
To Trade Debtors A/c Cr
( amount received ,sale of scrips after discount )

In our Scrips expiry are mentioned, and all are within 10 to 15 months that's why I shown them as current assets 

And is from the date of actual issue by issue or date of sale and i read somewhere that Scrips issued after sep-21 will be valid for only 12 months 

Kindly Guide 

 

 

 

 

 

 

 

You have to confirm with DGFT web site or contact number , any notification/ circular regarding this , , But journal entries will be same as above when you sale scrips.

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Reply if you have some answer, don't just play games by putting thumbs on each post.