19 September 2013
I need a Clarification for Import Purchase. we purchased Import raw material from UAE.qty 102 tons and exchange rate: 1.00 USD=65.3500 INR.and also paid customs duty.how to account this import purchase entry. Cr.Party A/c .. to Import Purchase A/c dr.... to Basic Customs duty Ac dr... to countervailing duty Ac dr... to Edu & Sec Edu cess Ac dr... to Addl cust duty Ac dr.... Is this correct or not? and also how to entry passed on customs duty paid account?