Freight charges

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2010 Material purchased from Finland and for freight charges fund remitted separately, would freight charges to be clubbed with material cost or to be shown separately under head transport inward.

Further to this, fund remitted in the month of Jan.10 for purchase of material and material recd. in April'2010 and accordingly paid the custom duty, but bill is dtd.26.02.10, whether it is to be accounted in last year i.e.in 02-10 showing purchase-in-transit or would be accounted in current year.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 June 2010 Freight need to add to material cost and Goods in transit need to show in 31/3/2010 books

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Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2010 To,
CMA Ramesh Krishna

But, what about the custom duty paid during the current year for goods-in-transit? would i show it payable in last year?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 June 2010 Since the Material as shown in the books related Customs duty liability also need to create in the books as 31.3.2010 as payable

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