Accounting entry

This query is : Open

Rajkumar Gutti (Querist)
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28 July 2017 We are a importer, & purchase goods from abroad countries. While purchasing we paid
custom duty, clearing & forwarding charges, freight etc. At the time of accounting we accounted ,purchase, custom duty, C&F charges, freight separately. Is this method is
correct or is all import exp. including custom duty to be debited to import purchase
account. Please guide us correct method & which Indian Accounting Standard,this
method or description indicated.

Thanking You,

Regards
Rajkumar Gutti

RAJA P M

RAJA P M (Expert)
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28 July 2017 Yes. You are following correct method...

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