Question ID :
accounting treatment for MEIS Script
Can some one guide on accounting treatment to be followed for MEIS Script sale for FY 21-22 and FY 22-23 under following situation.
Company received approval from Govt for MEIS script before 31st March 22 and Sale of MEIS took place in April 22.
My thoughts on same are as under -
As on 31st March 22 (on accrual of benefit)
MEIC Script Assets (Current Assets) Dr
To MEIS script income (Indirect Income)
in FY 22-23 (on actual sale of script)
Customer Ac Dr
To MEIC Script Assets (Current Asstes)
Can someone guide ???
Aug 4 2022 12:00AM