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Fob value calculation for audit purpose

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(Querist)
14 September 2011 Dear Expers,

I want to know the method for calculation of FOB value of Exports for audit purpose.

suppose one of our export inv dtd.12.03.11 is for $ 100,000/- @ 45.
we incurred foreign freight Rs.15000/-, & marine insurance Rs.1500/-.

Bill is realised on 15.05.11 ( as credit period was for 60days)

Amt of $ 99,950 realised in our bank @46/-( $ 50 recd short as bank charges)

What will be the FOB value of this inv?

Although it was o/s for the f.y.10-11, do we have to consider its FOB value for Fob calculation of F.y.10-11 for audit purpsoe?

Waiting for ur reply..

Thanks in advance

Regards

Sushil
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
17 September 2011 I suppose it will be 100000@45.
Hope above ans will help u.
Regards,
Sumat Singhal.
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