Capitalisation of import cost to stock item
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2012
Hi
We have imported certain electronic goods for sale in India. We have paid Custom Duty, Import Duty, Freight & Other charges towards Import of Goods.
We are a Partnership Firm.
Is it necessary to Capitalise the Import Cost to the Stock Item OR it can be shown separately under the Direct Expenses in Trading Account.
Is there any rule/law to Capitalise these import cost
We have imported certain electronic goods for sale in India. We have paid Custom Duty, Import Duty, Freight & Other charges towards Import of Goods.
We are a Partnership Firm.
Is it necessary to Capitalise the Import Cost to the Stock Item OR it can be shown separately under the Direct Expenses in Trading Account.
Is there any rule/law to Capitalise these import cost
20 April 2012
See AS 2 Inventories which says amounts which are attributable to the inventories has to be included in the cost.
AS 2 will be applicable to u if u r sujected to tax audit.
AS 2 will be applicable to u if u r sujected to tax audit.
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