22 June 2013
hiiii...we have exported some items on which DEPB credit facility is available it is 1% on the value of our product.and we have received some of them but other applications is pending..so in what account i should credit the received amount as income and what should be the accounting treatment of pending application..hows it will be presented in balance sheet.
22 June 2013
Thanks for your reply..but please confirm me that in my 2012-13 PL B/s should i book all the pending application as income? Is it sure that it will be received?
22 June 2013
Basically if you are following the Accrual basis of accounting then Book it as Income in 2012-13 and the ones pending might be receivable in 2013-14, Incase it is not received and you are certain that it will never be receivable then you can write it off in 2013-14
CAclubindia
