ACCOUNTING OF INVESTMENTS MADE ON BEHALF OF CLIENTS
This query is : Resolved
09 February 2011
Dear Experts
Customs House Agent invests on behalf of importer/exporter for customs duty/shipping line charges etc., and claims from respective clients.During year end say, as on 31.03.11 there are investments made and will be claimed subsequently during 11-12
What is the accounting treatment?? Hope it can't be treaed as prepaid expenses since getting claimed from clients & expenses not pertains to this CHA entity
Customs House Agent invests on behalf of importer/exporter for customs duty/shipping line charges etc., and claims from respective clients.During year end say, as on 31.03.11 there are investments made and will be claimed subsequently during 11-12
What is the accounting treatment?? Hope it can't be treaed as prepaid expenses since getting claimed from clients & expenses not pertains to this CHA entity
Kumar Babu.G
(Expert)
09 February 2011
They can be booked under Loans and Advances group since CHA is giving the amount for the purpose of investment which will be reimbursed later.
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