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High sea sale

parvesh garg (Student CA / Articleship) (100 Points)

25 February 2016

Hii,

When we purchase goods on high sea agreement then for accounting purpose(at time of purchase) what will be rate of exchange.

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5 Replies

Saliq Ansari (CA_Final Student) (885 Points)
Replied 25 February 2016

Could you put some light on High sea transactions

JOEY TRIBIONI (Article) (200 Points)
Replied 25 February 2016

for accounting we will use the RBI rates and for the customs purpose (auditing, duty etc) we will use CBEC rates

parvesh garg (Student CA / Articleship) (100 Points)
Replied 25 February 2016

What is relevant date for accounting of HI-Sea purchase??

CA Prateek Garg (CA in Practice) (1444 Points)
Replied 25 February 2016

Date of agreement

CA CMA Sri Teja (Finance) (42 Points)
Replied 26 February 2016

RBI rate on date of invoice or any other supporting document evidencing purchase will be used for accounting and CBEC rates will be used for customs computation..... However if transactions are taking place frequently and the company wants to use a uniform rate for purchases in a period...then you can take avg RBI rates for month or CBEC rates which are declared for every fortnight...