Accounting treatment - imports and exports of goods
This query is : Open
Sravan Reddy G
(Querist)
26 January 2019
Dear sir,
Can you Plz help me how to Do accounting for Imports and Exports of Goods.
Eg. I had Imported 10,000/- Value stock and I paid all Taxes like Customs and IGST and Other.
I am Treating
Purchase Value (Paid to Debtor) - Treating as Purchas i.e.,10,000/-
Bank Charges - Treating as Indirect Expenses
Customs and other I am - Treating as Indirect Expenditure. One to the Amount extant IGST is treating as Asset since we get ITC in gst .
IS that Treatment is Correct.
And also Say Exports of goods Entry.
Can you Plz help me how to Do accounting for Imports and Exports of Goods.
Eg. I had Imported 10,000/- Value stock and I paid all Taxes like Customs and IGST and Other.
I am Treating
Purchase Value (Paid to Debtor) - Treating as Purchas i.e.,10,000/-
Bank Charges - Treating as Indirect Expenses
Customs and other I am - Treating as Indirect Expenditure. One to the Amount extant IGST is treating as Asset since we get ITC in gst .
IS that Treatment is Correct.
And also Say Exports of goods Entry.
CA R SEETHARAMAN
(Expert)
27 January 2019
Treat customs and other as direct expenses.
Sravan Reddy G
(Querist)
28 January 2019
Other Expenses means Bank Charges and Cess to Treat them as Direct Expenses aaa.
But as per which Standard it has to show like that
But as per which Standard it has to show like that
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