Accounting treatment in case of import
This query is : Resolved
Manoj Kumar
(Querist)
18 November 2007
HI dear all,
If i have imported some goods(CIF)and its in way and i want to make High Sea Sale then that would be point of booking accounting entry in my books of account and rate of exchange to be used .
If i have imported some goods(CIF)and its in way and i want to make High Sea Sale then that would be point of booking accounting entry in my books of account and rate of exchange to be used .
CA. Vineet Grover
(Expert)
19 November 2007
The accounting treatment is as under:
For Import:
Purchase - Import a/c Dr.
To Vendor
(Exchange rate shall be the date as appearing on the Custom / Commercial Invoice)
For HSS:
Customer a/c Dr.
To High Sea Sales
(Exchange rate shall be the date on which the agreement for high sea sale is executed with the party)
Rgds/
Vineet
For Import:
Purchase - Import a/c Dr.
To Vendor
(Exchange rate shall be the date as appearing on the Custom / Commercial Invoice)
For HSS:
Customer a/c Dr.
To High Sea Sales
(Exchange rate shall be the date on which the agreement for high sea sale is executed with the party)
Rgds/
Vineet
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