Ques:
-Import purchases $10000 (CF value)
-Bill of entry exchange rate - Rs. 45 (20.05.2010)
-assessable value for custom duty calculation (CF value+1.125%insurance+1% landing charges)X Rs. 45
- Exchange rate on actual payment Rs. 47 ($10000),
(4.04.2010) advance payment.
please help me with entry ,,, on following points :-
1. date for purchases ?
2. value for purchases ? assessable value (cif)?
3. whether to book insurance and landing charges separately ? or not?
4. treatment of diff due to exchange rate?
please suggest me any file in relation to accounting entries for import purchases,
thanks in advance
Menu
import
Replies (2)
Date of purchase as per bill of entry.
value for purchases as per mentioned in BILL OF ENTRY.
seprately .
write the EXCHANGE rate of BOE.
1. Date should be by custom duty.
2. Assessable value.
3. Yes, you should book it in separately in purchase entry.
4. If its loss or profit pass an entry of Profit/Loss on profit Remitance.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
