Bill of entry
This query is : Resolved
25 June 2011
Hi,
Can anyone let me know how to journalise the entry related to puchase from outside the country? Suppose invoice is for 4000 USD but bills of entry shows:
Basic value 225000
BCD 20000
CVD 22500
Edu cess on CVD 4500
S&h Edu on CVD 2250
Add. duty 10000
Exchange rate on the bill of entry 1USD=45 INR.
By what amount purchase should be debited...
225000+20000 or
4000*45+20000.
Please clear my doubt if anyone know...
Thanks
Can anyone let me know how to journalise the entry related to puchase from outside the country? Suppose invoice is for 4000 USD but bills of entry shows:
Basic value 225000
BCD 20000
CVD 22500
Edu cess on CVD 4500
S&h Edu on CVD 2250
Add. duty 10000
Exchange rate on the bill of entry 1USD=45 INR.
By what amount purchase should be debited...
225000+20000 or
4000*45+20000.
Please clear my doubt if anyone know...
Thanks
26 June 2011
Debit purchase account by purchase figures and debit respective tax accounts by the repective amount
26 June 2011
import purchase ******* Dr
CVD 22500 DR
Edu cess on CVD 4500 Dr
S&h Edu on CVD 2250 DR
Add. duty 10000 Dr
party account Cr******
custom duty Cr******
Shipping comp. Cr*******
CHA CR******
CHA Reimbursement CR******
CVD 22500 DR
Edu cess on CVD 4500 Dr
S&h Edu on CVD 2250 DR
Add. duty 10000 Dr
party account Cr******
custom duty Cr******
Shipping comp. Cr*******
CHA CR******
CHA Reimbursement CR******
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26 June 2011
In this case CUSTOM DUTY HAS BEEN PAID
It should be like this
Purchases at Exchange Rate Dr ...
Costume Duty Dr. ...
Other Taxes Dr.....
Bank or L/c Cr.
It should be like this
Purchases at Exchange Rate Dr ...
Costume Duty Dr. ...
Other Taxes Dr.....
Bank or L/c Cr.
Message likes :
1 times
26 June 2011
At the time of Sales Dr. Party and Credit Sales or if tax credit is available then that very particular account
26 June 2011
Thanks to all of you but Agarwal sir still there is a confusion.I need to know the exact amount of purchase whether it is
225000+20000=245000 or
4000*45+20000=200000.
Whether we should book the purchase by $4000 multiply the $ rate on the bill of entry or the amount which is calculated by the custom officer for calculating the duties...
Thanks
225000+20000=245000 or
4000*45+20000=200000.
Whether we should book the purchase by $4000 multiply the $ rate on the bill of entry or the amount which is calculated by the custom officer for calculating the duties...
Thanks
26 June 2011
4000 USD multiply the $ rate on the bill of entry.
Rs. 2.25 lakhs is only assesable value under Customs Act and not relevant for accounting the purchases.
Hence, among the two options Rs. 200,000 is correct.
4000 USD multiply the $ rate on the bill of entry.
Rs. 2.25 lakhs is only assesable value under Customs Act and not relevant for accounting the purchases.
Hence, among the two options Rs. 200,000 is correct.
Message likes :
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26 June 2011
Yes Rajesh you are right, I got it....
26 June 2011
I agree with other experts
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