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Financial reporting

This query is : Resolved 
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(Querist)
20 April 2018 One of the Indian entity has imported a machine on CIF basis for 1ooooo us dollars. It has paid 30000 us dollars as advance to the party. Now as on 31st march 2018, should the entity recognise 70000 us dollars as liability or just show an advance of 30000 us dollars.machine has not arrived till 31 march.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 May 2018 USD 70000 should be declared in the notes to accounts under capital commitments.
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