Accounting entries

This query is : Resolved

Rahul Goel (Querist)
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17 August 2016 Dear Sir
We have placed an order to import raw material and agreed rate was USD 38400 CIF Delhi and received the material now invoice value mentioned in Bill of entry is USD 38400 and 1 USD Value is Rs.68.0500. Bill of entry INR value mentioned is Rs.2639251+Rs.6,97,508/- (BCD, CVD & Additional Duty etc) i.e. total amount Rs. 33,36,759/-. secondly we have made payment after 90 days for USD 38400 for Rs.25,74,100/-

Please tell me purchase import entry with value as bill of entry value is higher than agreed rate.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 August 2016 USD 38400 @ INR 68.05 = 26,13,120/-

Debit Purchases- import 26,13,120
Credit Supplier (Foreign) 26,13,120

Debit BCD, CVD, AD 6,97,508
Credit bank/cash 6,97,508

Debit supplier (foreign) 26,13,120
Credit bank 25,74,100
Credit exchange gain 39,020

Message likes : 1 times

Rahul Goel

Rahul Goel (Querist)
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19 August 2016 Dear Sir,
In above query custom duty Rs. 697508/- paid by supplier then what will be the entry of custom duty in our books.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 August 2016 Sorry, I did NOT get you....if it is borne by supplier why did you bother yourself with that? Concentrate on your cost... which is USD38400? Right?

Rahul Goel

Rahul Goel (Querist)
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19 August 2016 Ok Sir but we should credit full bill of entry amount i.e. 33,36,759/- because this amount has disclosed on our way bill.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 August 2016 Please let me know..... what is your COST?.....what is written on some piece of paper is not that important.

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