28 August 2010
Dear Experts I am working is a firm we import goods for trading and some times we use depb for custom duty paid. we purchase depb and passed these journal entry Purchase a/c dr vat a/c dr to creditors a/c
and we do nat pass any entry that show we use DEPB for paid custom duty
please tell me the journal entry in these situations
1 when we purchase DEPB licence 2 when we paid custom duty
13 September 2010
The balance Rs 10 will remain as debit balance in DEPB License account until it is utilised against customs duty payment of any subsequent import.
13 September 2010
thanks for reply but my question is that the value of depb 90 rs but we pay 100 rs and custom duty is 90 rs then how treat 10 rs. please reply
CAclubindia
