Accounting entry

This query is : Resolved

MANISH BHEDA (Querist)
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22 August 2012 1 ) Payment has been made by party A to party outside India before Party B is registered in India
2 ) Consignment has not been despacted from abroad.
3 ) Can the import of goods be done in the name of party B who is registered under Delhi VAT if so than the payment done by party A how can we resolve the payment issue.
4 ) Can party A take the delivery in the name of party B in Delhi.
5 ) Do we have to receive Purchase Invoice from Party A or will it be considered as Import Purchase for Party B as per point no 4 above.
6 ) In any of the cases above how we have to effect the payment to Party A

U S Sharma

U S Sharma (Expert)
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22 August 2012 if your exporter is ready to ship the goods in name of B then just execute it, and take payment from B to A, as a borrowed sum.

if party is not ready then execute "high sea sales" after getting Bill of lading, but before clearing the goods from indian customs.

for more details discuss with you CHA on the lines given.