booking of export sales
This query is : Resolved
23 October 2007
whether export sale should be booked on FOB or CIF price, when invoice is prepared on cif.please tell me relevant AS requirement or guideance note req or any other?
S.RAVICHANDRAN
(Expert)
23 October 2007
The accounting standards do not stipulate you to follow any specific term of sales ie FOB or CIF. That is entirely based on the terms of sale between you and buyer.
FOB sale would free you from the insurance and freight which would be taken care by buyer. In the case of C.I.F., you will have to bear the insurance and freight till the buyer's warehouse abroad.
FOB sale would free you from the insurance and freight which would be taken care by buyer. In the case of C.I.F., you will have to bear the insurance and freight till the buyer's warehouse abroad.
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