Accounting for imports and exports
This query is : Resolved
25 February 2013
Sir,
i have doubt on entry booking on imports and exports,
So please clarify,
1)on which date import purchases are to be booked in our books,
and which rate of exchange we have to use
2)on which date export purchases are to be booked in our books,and which rate of exchange we have to use to book entry in our books,
Please support your answer by giving some accounting-standard reference,or some circular on accounting import and exports
i am giving my opinion based of as9 risk rewards of ownerhip,
but he is expecting a circular like that for his reference,
for what date have to use for entry booking
what exchage rate have to take for that entry
Thanks for your time,,
awaiting for your reply
i have doubt on entry booking on imports and exports,
So please clarify,
1)on which date import purchases are to be booked in our books,
and which rate of exchange we have to use
2)on which date export purchases are to be booked in our books,and which rate of exchange we have to use to book entry in our books,
Please support your answer by giving some accounting-standard reference,or some circular on accounting import and exports
i am giving my opinion based of as9 risk rewards of ownerhip,
but he is expecting a circular like that for his reference,
for what date have to use for entry booking
what exchage rate have to take for that entry
Thanks for your time,,
awaiting for your reply
06 March 2013
Reply:-
1)which is mentioned on B/E.EXCHANGE RATE IS ALREADY MENTIONED IN THIS BILL OF ENTRY.
2)WHENEVER EXPORTER EXPORT THE GOODS THE CBEC NOTIFY THE EXCHANGE RATE FOR ONE MONTH AND CUSTOM ALSO MENTIONED EXCHANGE RATE IN SHIPPING BILL.
FURTHER INFORMATION MUST READ MY POSTED FILE:
LINK IS:
https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp#.UTbgiDf7crc
REGARDS,
1)which is mentioned on B/E.EXCHANGE RATE IS ALREADY MENTIONED IN THIS BILL OF ENTRY.
2)WHENEVER EXPORTER EXPORT THE GOODS THE CBEC NOTIFY THE EXCHANGE RATE FOR ONE MONTH AND CUSTOM ALSO MENTIONED EXCHANGE RATE IN SHIPPING BILL.
FURTHER INFORMATION MUST READ MY POSTED FILE:
LINK IS:
https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp#.UTbgiDf7crc
REGARDS,
06 March 2013
But in my client place client is passing entries based on exchange rate of RBI as on invoice date of supplier and claiming this as correct treatment,
how can i proove his practise as false practise.
even i asked him to book on custom exh.rate but he asking proof,what proof i can give to him,except accounting standard on revenue recognition,
yes, i already seen ur file on entries on exports and imports
how can i proove his practise as false practise.
even i asked him to book on custom exh.rate but he asking proof,what proof i can give to him,except accounting standard on revenue recognition,
yes, i already seen ur file on entries on exports and imports
06 March 2013
he is too right but DGFT PROVIDE YOU EXPORT INCENTIVE ON FOREIGN CURRENCY WHICH IS MENTIONED IN BRC COLUMN NO.14 FOR EXPORT PURPOSE......
06 March 2013
okay,so your opinion is his procedure also fair practise.
and clarify one more thing,
my client is 100%EOU,
is there any exemption on basic exemption duty for 100% EOU's
and clarify one more thing,
my client is 100%EOU,
is there any exemption on basic exemption duty for 100% EOU's
06 March 2013
and please clarify what u mean by export incentive,and BRC coloumn 14,
dear,sir,Please dont hesitate to answer,i am ca final aricle student.i am doing first time
100% EOU Audit,
please clarify whether exemption on basic custom duty is there for all EOUS or is there any conditions
dear,sir,Please dont hesitate to answer,i am ca final aricle student.i am doing first time
100% EOU Audit,
please clarify whether exemption on basic custom duty is there for all EOUS or is there any conditions
06 March 2013
READ:
http://www.eximguru.com/dgft/exim-procedures/2009-2014/chapter_3_promotional_measures.aspx
MUST READ:
https://www.caclubindia.com/share_files/comprative-incentive-among-sez-eou-and-general-unit--23721.asp#.UTb7tDf7crc
http://www.eximguru.com/dgft/exim-procedures/2009-2014/chapter_3_promotional_measures.aspx
MUST READ:
https://www.caclubindia.com/share_files/comprative-incentive-among-sez-eou-and-general-unit--23721.asp#.UTb7tDf7crc
Message likes :
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06 March 2013
Thank you very much sir,
06 March 2013
eminent expert please post here your CMTS to author.
regards,
regards,
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