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Date of accounting for purchase of imported goods

Others 2191 views 3 replies

I wanted to know the general practice followed by corporates regarding the date of recording the purchase of imported goods.

Is it correct to record purchase at the date of Bill of Lading / the date of bill of entry/ the date of invoice of the supplier or the date of clearance of goods from the customs warehouse?

When can it be said that risk and rewards of ownership are significantly transferred to the buyer?

 

 

 

Replies (3)
Date on which risks and rewards relating to the purchased goods are passed to the buyer.

Normally the Bill of Lading (Date of Landed on the soil) will be considered.

NORMALLY B.E (BILL OF ENTRY )DATE DATE IS TAKEN FOR BOOKIN IMPORT PURCHASE


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