07 October 2013
we are importing goods under high sea sale agreement. suppose,..goods purchased amount is 18 lakhs and sale amount is 30 lakhs.. 1. Is there any provision under high sea sale provision that we have to disclose only 2% profit on sale amount. 2. PURCHASE AMOUNT MUST BE EQUAL TO SALE AMOUNT AND 2 % PROFIT SHOULD BE SHOWEN SEPARETELY ? i.e. 18 lakh is purchased and sell amount ...and 2% profit (90000) should be shown separetely. 3. described me accounting.
CAclubindia
