Accounting entry while making
This query is : Resolved
23 March 2023
Accounting entry while making Export -FOB
Accounting entry while Import -CIF
what is rule.
Accounting entry while Import -CIF
what is rule.
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.
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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