Accounting for imports
This query is : Resolved
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
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
(Expert)
30 August 2009
100% paymnt plus expense of landing and other exp.
Ram Avtar Singh
(Expert)
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
Purchase Import
Cenvat(RG23A-II)
Education Cess
Higher & Secondary Cess
Addl Duty
CREDIT
xyz Co.
Custome Duty
shipping co
CHA(Reimbursment)
Agency charges
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- ETDS return q4 25-26
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
