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 .
The accounting treatment is as under:
Purchase - Import a/c Dr.
(Exchange rate shall be the date as appearing on the Custom / Commercial Invoice)
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)