Fob value calculation for audit purpose
This query is : Resolved
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
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
CA Sumat Singhal
(Expert)
17 September 2011
I suppose it will be 100000@45.
Hope above ans will help u.
Regards,
Sumat Singhal.
Hope above ans will help u.
Regards,
Sumat Singhal.
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