Import Accounting

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2011 Which of the following date is relevant for enter Import Purchase in our Account??

1. Date of Purchase Order
2. Date of Bill of Supplier
3. Date of the Goods Reached to the Port/Airport
4. Date of the Payment of Custom Duty
5. Date of the Goods enter in out Godown

Also which days exchange rate is relevant for accounting of Import purchase?

Kindly give reply as early as possible.

CA Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)
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06 February 2011 DATE ON WHICH THE IMPORTED MATERIAL ENTERS THE FACTORY GATE.
APPLICABLE EXCHANGE RATE IS THE AVERAGE RATE OF MATERIAL RECEIVED AT GATE.