IMPORT

PLS. REPLY ANYBODY.

WHAR=TEHR FREIGHT AND POSTAGE COST IS TO BE BOOKED AS PURCHASE OR NOT.

PLS. HELP ME.

Originally posted by : RAJ KUMAR
	HELLO FRIENDS, PLS. HELP IN PASSING THE ENTRY. A PERSON MAKES ADAVANCE PAYMENT ON 01/3/2011 RS.100000 FOR IMPORT AND RECEIVES THE GOODS ON PORT ON 15/03/2011. HE PAYS THE IMPORT DUTY RS. 60000 ON 20/03/2011. OCEAN FREIGHT AND OTHER BILLS DATED 22/03/2011 RECEIVED BY HIM BUT HE MAKES THE PAYMENT RS. 25000 IN APRIL 2011. POSTAGE CHARGES PAID RS. 5500 ON 25/03/2011. PLS. HELP ME IN PASSING THE JOURNAL ENTRY. IS ALL EXPENSES DEBITED TO PURCHASES ACCOUNT AND ON WHICH DATES. WHETHER TO SHOW FREIGHT PAYABLE IN BOOKS. PLS. HELP ME.

22/03/11

Purchase a/c debit ...............190500

to

Seller a/c ...................................................100000

Customs duty ...........................................60000

Postage ......................................................5500

ocean freight ............................................25000

===================================

...............................................190500/190500

you had posted diff heads on diff dates, now consolidate those all by one journal entry 

ocean freight would be under "sundery creditors for expenses" to be paid in next year.

THANKS.

I am agree with above reply.

CAN I ALSO TAKE THE FREIGHT AND COURIER EXPENSES AS DIRECT EXPENSES OR IT IS DEXITED TO PURCHASE A/C.

if the expenses are booked exclusively for import purchase then book in purchase, otherwise direct expenses for freight and indirect expenses for courier.

THESE ARE EXCLUSIVELY INCURRED FOR THE IMPORT PURPOSE.

FOR THE VALUATION OF CLOSING STOCK WE HAVE TO TAKE THE EFFECT OF THESE EXPENSES ALSO.

PLS. REPLY ANYBODY.