Radha Shivakumar (service) (32 Points)
15 March 2010Hi,
Can the import of material be taken into our inventory when the material reaches our port.
Currently we are taking the material in our inventory as on the bill of lading date. In case the above is possible, please give me the reference of the guidance notes/standards for the same.
Thanks & rgds
Radha
R.Chandran
(Chief accountant)
(50 Points)
Replied 15 March 2010
only you can take the inventry in your account against receipt of bill of entry.(not bill of lading) Account may be possible against bill of lading. but inventry is not possible
CA Nikhil Mittal
(Manager (Audit))
(77 Points)
Replied 15 March 2010
How can one take the material in transit in his inventory records before receiving the same in physical.
Also what happened in case if the material destroy during transit.
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