Bank certificate for export realisation

This query is : Resolved

VARUN.C.DAS

VARUN.C.DAS (Querist)
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04 August 2010 Dear ALL,
My company is exporting Leather. for that we have to file BANK CERTIFICATE FOR EXPORT REALISATION.But the compant not filed any thing to the customs dpt.in the last five year.so we got a shocause notice from the customs dpt.i am ew comer i don't know the customs an d things i prepared/collected all the things Exept FOB & date of realisation of export proceeds i have bank advice from that i collect the net realised amount for FOB calculation FOB=[(Net realisation * con rate at ealisation rate)-insurence-Frieght)is it right No. bank advice is noot available can i calulate FOB from any other file? pls Help

CA Sanat Pyne

CA Sanat Pyne (Expert)
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04 August 2010 yes you can found it from bill of entry, but in that case your F. O. B. will be diferent.
It is better you may calculate from your accounts.
you just try to find out wheather export value is on CIF or FOB , then apply the formulla asalready given to you.

VARUN.C.DAS

VARUN.C.DAS (Querist)
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11 August 2010 Dear sir,
My companies Cost of goods inculde frieght & insurance i Calculate the F.O.B.for Bank certificate for export realisation as =conv.rate (date of realisation ie valuation rate)*Expoort invoice amount(foriegn exchange)-fireght(bill of lading memmo)-insurence(from shipping bill)is it ok sir?

VARUN.C.DAS

VARUN.C.DAS (Querist)
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23 August 2010 Dear SIR,
Sir here the company taken 11 Nos Loan from Banks they first calculate all thew interest and booked it as an asset (interest suspense)and after that on payment the entry is booked as like this
Suppose the loan is 100000 from HDFC Bank
EMI is 3778
Loan tenor is 36 Months
Total interest is 36000
the 36000 is transfered to Interest suspense
the entry is
HDFC A/c Dr 3778
Interest (P&L)1000
To,Interest suspense 1000
TO,Bank 3778
Which is right /Not

Second
I have repayment schedule if i can't paid the installment currectly can i booked the the interest as expense ?

I Got clarification one expert that i can book/charged the interest on accrual basis i want confirmation from u.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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23 August 2010 yes it is right.

VARUN.C.DAS

VARUN.C.DAS (Querist)
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23 August 2010 Thank u very much sir

HAVE A NICE DAY

VARUN.C.DAS

VARUN.C.DAS (Querist)
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03 September 2010 Dear Sir,
for geting the BRCE from bank i want to enter the insurance amount can i take the insurance amount in Shipping bill for that? Commision is also contain in the shipping bill BRCE also asking for the commission amount also can i take the commision amount from the shipping bill for FOB calculation is it reduce from the realised amount