Accounting treatment in case of import
This query is : Resolved
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 .
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
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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Fixe term employment
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
