Consignement Imports
This query is : Resolved
Saurabh Masih
(Querist)
15 June 2010
How to treat consigment imports in books of account? should this be treated as purchase in our book?
15 June 2010
yes if it is in the general business nature
Saurabh Masih
(Querist)
15 June 2010
and if it is not in general business nature
Saurabh Masih
(Querist)
15 June 2010
If we treat this as purchase in our books from X party. Then at the end of the year we'll be having huge creditor outstanding in the name of X. Whereas it is not actual purchase, its a import on consignment basis.
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