Accounting treatment in case of import

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)

Rgds/

Vineet





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