Accounting for imports
This query is : Resolved
30 August 2009
If 100 % payment is made in advance against good imported,
is it that there will be no booking of foreign exchange gain/ loss ?
Also on what rate should the purchase booking on imports should be done ?
On the date of Bill of Lading or on the date of BIll of Entry ?
Also shud custom duty, C&F charges be debited to purchase a/c instead of their respective expense heads ?
Pls reply urgently
is it that there will be no booking of foreign exchange gain/ loss ?
Also on what rate should the purchase booking on imports should be done ?
On the date of Bill of Lading or on the date of BIll of Entry ?
Also shud custom duty, C&F charges be debited to purchase a/c instead of their respective expense heads ?
Pls reply urgently
CA CHINTAN AJMERA
(Expert)
30 August 2009
100% paymnt plus expense of landing and other exp.
Ram Avtar Singh
(Expert)
31 August 2009
Debit
Purchase Import
Cenvat(RG23A-II)
Education Cess
Higher & Secondary Cess
Addl Duty
CREDIT
xyz Co.
Custome Duty
shipping co
CHA(Reimbursment)
Agency charges
Purchase Import
Cenvat(RG23A-II)
Education Cess
Higher & Secondary Cess
Addl Duty
CREDIT
xyz Co.
Custome Duty
shipping co
CHA(Reimbursment)
Agency charges
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