Mlfps license - accounting in tally

A/c entries 855 views 1 replies

S Shankar

Accountant

29 Points Joined February 2012

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

Replies (1)

ramcharan

articled assistent

367 Points Joined March 2012

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