We are exporting garments to USA. Based on our exports we have applied for and got MLFPS license. This license has been sold to another party later. Now, how do I account all this in Tally? If MLFPS license is treated as Current Asset, which account is to be credited when the license is availed?
regards
S.Shankar
you have to credit what ever you paid, like if you would have paid cash then cash a/c is to be credited or if you would have exchanged it with an assest that is to be credited
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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