Import purchase

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2011 Respected Sir / Mam
Kindly tell me accounting treatment of all aspect involved in import purchases , it is urgent

POOJA SACHDEVA

POOJA SACHDEVA (Expert)
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07 May 2011 Dear

Import purchase treated under the head of Purchases e.g Import goods from USA $35000 and paid custom duty of Rs 9 lac on that so firstly u convert the usd to INR as per Bill of Entry Rate of Exchange mention on that so convert accordingly
35000X44.5 =1557500
Custom Duty =900000
Total purchase=2457500
if u want to freight & forwarding charges so u can do so also
otherwise they can enter into separate head of direct expenses

Regards

Pooja