ACCOUNTING ENTRIES  OF IMPORT

Ramkrishna (Accountant) (325 Points)

10 May 2007  
HELLO

i AM FACING A PROBLEM ON  IMPORT PURCHASE  : -

[size=14][face=Arial]OUR CLIENT HAS PURCHASED IN JUNE 06 1000MTS. OF  IMPORTED RAW INPUTS ON HIGHSEAS BASIS.INSTEAD OF BOOKING WHOLE INVOCIE VALUE FOR THE QTY. , HE HAS ADOPTED THE BOOKS ON FACTORY RECEIPT BASIS ( I.E. AS PER CENTRAL EXCISE PATTERN).[/face][/size]THE PROCESS GOES LIKE THIS :

[size=14]HE PAID CUSTOM DUTY TO COMM. OF CUSTOM IN ADAVNCE THR. TR-6 FOR 100 MT. OF MATERIAL.
AND PAY VALUE OF 100 MT. TO CREDITOR FOR RELEASE OF DEPLEDGING ORDER ( DO).

SUPPOSE HE RECEIVES 85 MT.OUT OF ABOVE  IN JUNE06  MONTH  , HE BOOK PURCHASE VALUE FOR 85 MT. ONLY AND TAKE CENVAT INPUT CREDIT ON THAT QTY..   IS THIS A RIGHT APPRAOCH?[/size]

[b]NOW THE PROBLEM, HE IS FACING  :[/b]

[size=14]DURING THE YEAR HE HAS LIFTED 800 MT. AND REST 200 MT. IS LEFT AT PORT UNLIFTED , NO DUTY AND ADAVNCE FOR ( DO ) HAS BEEN PAID ON IT. HE WANTS TO  BOOK THIS QTY. IN PURCHASE A/C. WHILE   CREDITING  THE SAME AMOUNT IN CREDIT SIDE OF MFR. ACC. UNDER  CLOSING STOCK. IF HE IS RIGHT UPTO TO NOW, IS  UNPAID DUTY FIGURE IS TO BE INCLUDED IN CLOSING STOCK VALUE. EXPLAIN ON POSSITION OF CREDITOR AND ENTRIES FOR QTY. WHEN ACTUAL RECEIVE IN NEXT YEAR IN BREIF. [/size]

SUGGEST FOR ACCOUNTING ENTRIES AND SAME THROUGH TALLY 7.2 ALSO.

ONLY THOSE WITH   ACCURATE CONCEPT,  PLZ SEND THE DETAILS TO MY MAIL ID -

das.ramkrishna97 @ rediffmail.com

SHALL BE HIHGLY OBLIZE.