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custom duty

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(Querist)
09 March 2009 what is tratement of custom duty receivable .
whether income should be booked in p & l a/c or not?
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chetan soni

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chetan soni (Expert)
09 March 2009 It depends on the treatement of custom duty payable. If the same has been dr. to P&L a/c then it should be booked as income.
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CA Pattanayak

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CA Pattanayak (Expert)
13 March 2009 What do u mean by Custom duty receivable ???
is it refund of duty excess paid ??
Then net it off against payment.
U cant show it as income.
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