This is apparently simple sequential data, as the following from favj.mst illustrates:

~~d†êl”O*OPB ~~~~~€;ŒJ.J.SANGANEE & CO ~~~~~€;Œ1O~~~~
=
d†êl”JJSC ~~~~~€»ŒOpening Balance B/F ~~~~~~~~1O~~~~
~~‡°Vo”AF ~~~~~~z‹FOR (F.Y.1997-98) A.Y.1998-99 ~~~~~~z‹1J~~
~
‡°Vo”JJSC ~~~~~~ú‹FOR (F.Y.1997-98) A.Y.1998-99 ~~~~~~~~1J~~~~
~~‡ ˆo”D-AM ~~~~~PC’TRF FROM FOCUS ~~~~~PC’1J~~~
‡ ˆo”FA ~~~~~PÃ’DEPOSIT TO AYUB MANSOORI ~~~~~~~~1J~~~~
~~‡@Áq”AM ~~~~~PCTRF FROM FOCUS 15/2/99-14/3/99~~~~~~~~1J~~~
‡@Áq”FA ~~~~~PÐTRF TO AYUB MANSOORI ~~~~~~~~1J~~~~
~~8‡°Çq”AC ~~~~~€;ŒRAM-COMP ~~~~~€;Œ1J~~~~
8‡°Çq”RC ~~~~~€»ŒACCOUNTING CHARGES ~~~~~€»Œ1J~~~~
~~D‡°Çq”AF ~~~~~@J.J.SANGANEE[ASS.Y.99-00]98-99~~~~~@1J~~~
D‡°Çq”JJSC ~~~~~@ƒAUDIT FEES [ASS.Y.99-00]98-99 ~~~~~~~~1J~~~~
~~H‡àÍq”KA ~~~~~JVITESSE LTD. ~~~~~J1D~~~
H‡àÍq”VL ~~~~~ʍKLOTEN ADS ~~~~~~~~1D~~~~
~~Z‡Ìq”P*00010002~~~~~°ŒOpening Balance B/F ~~~~~~~~1O~~~~
Z‡Ìq”O*OPB ~~~~~°ˆŒOFFICE FURNITURE ~~~~~~~~1O~~~~
~~\‡Ìq”VAPL ~~~~ÀÅ“Opening Balance B/F ~~~~~~~~1O~~~~
\‡Ìq”O*OPB ~~~~ÀÅ—“VANTAGE ADVERTISING LTD. [MUMB~~~~~~~~1O~~~~
~~^‡Ìq”VL ~~~~~JOpening Balance B/F ~~~~~~~~1O~~~~
^‡Ìq”O*OPB ~~~~~ʍVITESSE LIMITED ~~~~~~~~1O~~~~
~~`‡Ìq”P*00010062~~~~Àó

As with any other successful project, usually the first step involves a thorough data analysis. Merely by looking at this data, for example, I believe I have determined the record length to be 70 chars, and there is no obviously apparent record delimiter. So it is most likely a simple sequential file, one record after another, which could be read info VFP using FREAD()

If you have available the record layout from QBASIC, perhaps you could determine how many characters within in each record are reserved for each field. Then you could build a loop to read that many characters using FREAD(), store it into a variable, and then read the next field, and the next, and upon reading the entire record, you might perform a SQL INSERT into a VFP table.