Recording of import of goods

This query is : Resolved

Dhaval rana (Querist)
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21 January 2016 Dear All,
My Client was import the goods from china.
now, i confuse for the recording the same in books of account,
at which rate of exchange i should record the same?
Should i take exchange rate given in Bill of entry ?

Ganeshbabu K

Ganeshbabu K (Expert)
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23 January 2016 Exchange rate given in bill of entry has nothing to do with accounting.It is for custom duty caluculations.

Take exchange rate as per RBI on date of bill of entry.RBI exchange rate on any day can be obtained from RBI website