Accounting for import duty

CA Mukul Mittal (CA in practice) (384 Points)

19 July 2013

Hi everyone,

One of my client has imported machine from China. The Import duty was there on the bill.

My Query is that how the entries be shown in the books??

I could not get it......

whther the import duty be stood in the a/c of Chinese co???

Reply
Follow
Share

1 Replies

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 20 July 2013

Noted sir, that AMOUNT WHICH IS WRITTEN IN BILL OF ENTRY WILL BE MENTIONED IN ACCOUNTING.

Purchase A/C or Stock A/C Dr

To Creditors A/C or Bank A/C

To Freight A/C

To Duty A/C

(Being Machine Purchased)

MORE INFORMATION :

https://www.tallysolutions.com/website/CHM/TallyERP9/Dealer_Excise/Account_Custom_Clearence_of_Imported_Goods_.htm

Start a New Discussion