what accounting entry we wiil do for goods receivd as free sample but we paying custom n freight charges for this......plz do rply fast
3 Replies
Sheetal Metha
(Article Assistant)
(208 Points)
Replied 10 September 2010
you have to pass entry for the amount paid towards custom duty and frieght
For taking goods into stock u can pass the purchase entry for NIL amount.
Dinesh Kumar Agarwal
(Article clerk)
(117 Points)
Replied 14 September 2010
As u are receiving sample material as free of cost the value is nil. but customs paid on goods and if no credit will available for this u may Debit the
purchase A/c Dr. (Custom duty)
To, Bank A/c (Custom duty).
For freight charges, freight inwards A/c Dr.
Service tax of freight A/c Dr.(in case specified person)
TO Transorter/cash/Bank
to Service Tax payable
sanjeev
(service)
(23 Points)
Replied 24 September 2010
What if the samples are used in production i.e. purchase not booked but material consumed.
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