28 May 2021
Open machinery account under transit, book amount payable on foreign vendor and insurance expenses. The ownership of machinery might have been passed on to you as on 31st March as import terms are on FOB basis.
03 June 2021
Machinery under transit account under Current Asset or under which head and expense to Insurance to capitalied after valuation of machine on the basis of bill of entry
please confirm
03 June 2021
It's capital goods in transit, as machinery will be capitalised. Include insurance expenses also under capital goods in transit. Capitalise all expenses including transport, handling, customs duty, clearance charge and commissioning expenses.
CAclubindia
