How to record a import purchase in a/c books

MNarayanan (Book- Keeper) (169 Points)

12 November 2011  

Sir,

our firm is importing steel scrap on CIF basis from other countries.

Pls kindly let me know how to arrive at purchase price & how to record the same in A/c Books. what are the steps to be followed.Pls reply Sir.

with best regards

MNarayanan