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Accounting treatment in case of import (Accounts)

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This query is : Resolved

( Querist )
18 November 2007

HI dear all,

If i have imported some goods(CIF)and its in way and i want to make High Sea Sale then that would be point of booking accounting entry in my books of account and rate of exchange to be used .

CA. Vineet Grover

( Expert )
19 November 2007

The accounting treatment is as under:

For Import:

Purchase - Import a/c Dr.
To Vendor
(Exchange rate shall be the date as appearing on the Custom / Commercial Invoice)

For HSS:

Customer a/c Dr.
To High Sea Sales

(Exchange rate shall be the date on which the agreement for high sea sale is executed with the party)





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