Accounting treatment in case of import

This query is : Resolved

Manoj Kumar (Querist)
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18 November 2007 HI dear all,

If i have imported some goods(CIF)and its in way and i want to make High Sea Sale then that would be point of booking accounting entry in my books of account and rate of exchange to be used .

CA. Vineet Grover

CA. Vineet Grover (Expert)
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19 November 2007 The accounting treatment is as under:

For Import:

Purchase - Import a/c Dr.
To Vendor
(Exchange rate shall be the date as appearing on the Custom / Commercial Invoice)

For HSS:

Customer a/c Dr.
To High Sea Sales

(Exchange rate shall be the date on which the agreement for high sea sale is executed with the party)

Rgds/

Vineet