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Consignement Imports

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(Querist)
15 June 2010 How to treat consigment imports in books of account? should this be treated as purchase in our book?
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
15 June 2010 yes if it is in the general business nature
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Saurabh Masih

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Saurabh Masih (Querist)
15 June 2010 and if it is not in general business nature
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Saurabh Masih

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Saurabh Masih (Querist)
15 June 2010 If we treat this as purchase in our books from X party. Then at the end of the year we'll be having huge creditor outstanding in the name of X. Whereas it is not actual purchase, its a import on consignment basis.

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