Valuation of imported goods purchased

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2012 We have imported goods and various dates of transations are as under:

Bill of lading date - 20/04/12 USD 52

Bill of Entry date - 25/04/12 USD 53

Date of Forward cover taken - 30/04/12 USD Spot 54 and Forward rate USD 56

Material received at Port - 29/04/12 USD 55

At which rate we should account for purchase transaction and treatment of exchange fluctutaion at which rate

U S Sharma

U S Sharma (Expert)
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20 August 2012 make entry at bill of exchange rate, i.e at the rate on which you have paid customs duty.

any diff with the bank rate will be accounted as "foreign exchange diff on imports" account.