Import bill booking
This query is : Resolved
01 October 2013
can we book Bill of Entry for Import Purchase in Import party ledger is it correct. or we can book the Import purchase Bill which is given by party. please advice ...
01 October 2013
u need to thake that figure which includes gross amount for purchase of imported goods.
01 October 2013
Purchase entry can be made on date mentioned on bill of entry with amount provided by supplier in his invoice at a rate of exchange prevailing on date of bill of entry
.
.
As per AS9 Purchases should be recognised when all risks rewards and ownership transfered to your from your supplier
.
.
As per AS9 Purchases should be recognised when all risks rewards and ownership transfered to your from your supplier
02 October 2013
AS 9 doesnt speak anything on purchase as it is on Revenue recognition and bills of entry must be taken for booking import purchases.
02 October 2013
Dear Tushar Kindly refer to below ICAI Expert Commitee opinion
http://220.227.161.86/eac/eacfinal/vol22/3.htm
http://220.227.161.86/eac/eacfinal/vol22/3.htm
02 October 2013
There is no blind rule that import purchases are to be recognised at bill of entry
.
.
.
Import purchases are required to be recognised when all significant risks and rewards of the ownership pass on to the buyer provided condition of measurebability of the amount of consideration is satisfied
Accordingly date on which all significant risks and rewards of ownership FOB,CIF,AND EXWORKS contracts are transfered should be determined keeping in view terms and conditions of each contract.
So it would be as below
for FOB purchases it should be recognised on a date of bill of ladding as on that date all risks and rewards will transfered to you
.
.
in the simular way CIF purchases to be recognised on date of bill of entry
Gist of this conversation:--**
import purchases to be recognised on rate of exchange on a date of transaction(to be ascertained as above) for the amount of forreign currency mentioned in supplier invoice
.
.
.
Import purchases are required to be recognised when all significant risks and rewards of the ownership pass on to the buyer provided condition of measurebability of the amount of consideration is satisfied
Accordingly date on which all significant risks and rewards of ownership FOB,CIF,AND EXWORKS contracts are transfered should be determined keeping in view terms and conditions of each contract.
So it would be as below
for FOB purchases it should be recognised on a date of bill of ladding as on that date all risks and rewards will transfered to you
.
.
in the simular way CIF purchases to be recognised on date of bill of entry
Gist of this conversation:--**
import purchases to be recognised on rate of exchange on a date of transaction(to be ascertained as above) for the amount of forreign currency mentioned in supplier invoice
02 October 2013
Further the difference between exchange rate as at date of transaction and as at date of settlement should be recognised as income or expence,or as an adjustment to carrying amount of related fixed assets depending on the nature of the item to which exchange difference pertain as per requirements of AS11
Further the difference between exchange rate as at date of transaction and as at date of settlement should be recognised as income or expence,or as an adjustment to carrying amount of related fixed assets depending on the nature of the item to which exchange difference pertain as per requirements of AS11
03 October 2013
Mr ganesh babu u have referred that AS-9 mentions about treatment of purchases where it has been mentioned???????
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