Accounting for imports

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Kushal (Querist)
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30 August 2009 If 100 % payment is made in advance against good imported,
is it that there will be no booking of foreign exchange gain/ loss ?

Also on what rate should the purchase booking on imports should be done ?
On the date of Bill of Lading or on the date of BIll of Entry ?
Also shud custom duty, C&F charges be debited to purchase a/c instead of their respective expense heads ?

Pls reply urgently

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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30 August 2009 100% paymnt plus expense of landing and other exp.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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31 August 2009 Debit
Purchase Import
Cenvat(RG23A-II)
Education Cess
Higher & Secondary Cess
Addl Duty

CREDIT
xyz Co.
Custome Duty
shipping co
CHA(Reimbursment)
Agency charges

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