Difference

This query is : Resolved

Share Report Follow Query Ask a Query

alex gowar

alex gowar (Querist)
Follow

02 August 2013 difference btw cif value and fob value?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

02 August 2013 fob doesnt include insurance bt cif includes.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

02 August 2013 FOB Purchase means free on board here supplier Responsibility will ends once the goods shipped ,locked and bill of ladding made,,there after you need to take responsibility to take material to our country and ofcourse our factory ,, in between if you suffer any loss supplier will not be liable and so you suppose to make arrangement for transit insurance and other clearing agents for clearing goods at customs house

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

02 August 2013 In case of CIF purchase Supplier will take responsibility to deliver material till the port of customer i.e, his responsibility will ends where bll of entry was made..

Here customer no need to bother for transit insurance as supplier will take care of it..

Out of above there is another type of import purchase which is available is "Exworks"

in case of Exworks supplier will take responsibility to deliver materials till factory gate

Thanks & regards
Ganesh babu k

alex gowar

alex gowar (Querist)
Follow

02 August 2013 please tell me how to check CIF value of import which goes in notes to accounts ?

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

02 August 2013 Ask company to provide the value they should have some MIS for the same

or just scrutinize import suppliers and see from where we are purchasing CIF basis and add all those

ask company to provide details break up on how they ascertained for value shown in financials

alex gowar

alex gowar (Querist)
Follow

02 August 2013 thanks a lot

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now