High sea sales

This query is : Resolved

hardik shah (Querist)
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07 October 2013 we are importing goods under high sea sale agreement.
suppose,..goods purchased amount is 18 lakhs and sale amount is 30 lakhs..
1. Is there any provision under high sea sale provision that we have to disclose only 2% profit on sale amount.
2. PURCHASE AMOUNT MUST BE EQUAL TO SALE AMOUNT AND 2 % PROFIT SHOULD BE SHOWEN SEPARETELY ?
i.e. 18 lakh is purchased and sell amount ...and 2% profit (90000) should be shown separetely.
3. described me accounting.

Arun Biyani

Arun Biyani (Expert)
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08 October 2013 the 2% is minimum profit to be added, you can add even higher profit.. you dont have to show profit separately..