Advance payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2013 Hi Friends,

Question regarding Import certain good. How to enter in tally.

1. What is the entry for advance payment.
2. If the custom duty and service charges of C& F is totally paid to C&F.
3. What is the entry for import purchase.
4. What date is taken for payment and purchase. If any exchange difference is shown.

Ganeshbabu K

Ganeshbabu K (Expert)
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29 November 2013 1)Dr.Party A/c
Cr.Bank a/c

2)can be paid-settlement to c&f agent will be as per terms

3)Dr.Purchases A/c
Cr.Party A/c

4)Purchase should be recognised when all significant risks and rewards and ownership of goods transfered to you
.
.
suppose your responsibility starts after reaching india port then recognize purchase on that date
.
.
this can be decided by terms of purchase

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2013 Thanks Ganesh Babu

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