Accounting entries
This query is : Resolved
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.
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.
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
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
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.
In above query custom duty Rs. 697508/- paid by supplier then what will be the entry of custom duty in our books.
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?
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.
19 August 2016
Please let me know..... what is your COST?.....what is written on some piece of paper is not that important.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Relief u/s Section 89
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Taxation on LTCG for property sold after 24JUL2024
- E way bill for tractors
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
