If we make some import purchases how to add custom duty to purchases. Suppose the invoice value of imported goods is Rs.100 and customs duty is Rs.10.
We would like to show our stock as Rs.110 but at the same time our supplier A/c should show Rs.100 (invoice value)as payable and not Rs. 110 (which is incl of customs duty)
How to enter this purchase in Tally, if we activate tracking of additional cost of purchase then the custom duty also gets added to the invoice value of supplier and total payable amount payable to supplier becomes Rs.110 which is not correct bcoz only Rs.100 is payable to supplier and Rs.10 is customs duty.
Also at the time of making payment of import duty (i.e. customs duty, CVD, Cess, SAD etc) for clearance of goods from customs port what entry to be passed.
It is to be noted that we are paying the duty to govt. and not to the supplier so supplier account would be credited by 100 only. Custom have to be shown separately in trading account and not to include in purchase. So, in tally the amount of purchase will be 100 custom duty 10 and party will be credited by 110....
At the time you prepare stock statement the custom duty will be included in inventory as AS 2 requires the inventory should include the duty as cost of purchase.
In financial statement the reflection would be as follows Purchase 100 Creditors 100 custom duty 10 Bank. custom unpaid will be deducted by 10 Closing stock in trading account and in balance sheet 110.
Hope your doubt is clear. pls ask if there is any query on it..
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