Depb credit
This query is : Resolved
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
DEPB Receivable A/c Dr
To DEPB (Income)
For Booking on Accrual Basis
Bank A/C Dr.
To DEPB Receivable
When Money is received
(If recd at a discount then Entry will be accordingly)
Pending should also be booked in Income
To DEPB (Income)
For Booking on Accrual Basis
Bank A/C Dr.
To DEPB Receivable
When Money is received
(If recd at a discount then Entry will be accordingly)
Pending should also be booked in Income
22 June 2013
In case pending amount is not received you can write it off.
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
22 June 2013
ok..thanks a lot
24 June 2013
Treatment of DBK (drawback) is also same?
DBK means all industries rates for drawback fixed by the govt.
DBK means all industries rates for drawback fixed by the govt.
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