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Accounting entry while making

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(Querist)
23 March 2023 Accounting entry while making Export -FOB
Accounting entry while Import -CIF
what is rule.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 March 2023 The main difference between CIF and FOB is the party that is responsible for the goods while they are in transit. With a CIF agreement, the seller is liable for the goods during transit, and with a FOB, the buyer is liable for the goods during transit. Other than that, there is not a major difference between the two.
Account export (FOB) sale on the date of Bill of lading. In case of import (CIF) account it on receipt of goods.
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