banner_ad

High sea sales

This query is : Resolved 
Profile Image

Profile Image

(Querist)
07 October 2013 we are importing goods under high sea sale agreement.
suppose,..goods purchased amount is 18 lakhs and sale amount is 30 lakhs..
1. Is there any provision under high sea sale provision that we have to disclose only 2% profit on sale amount.
2. PURCHASE AMOUNT MUST BE EQUAL TO SALE AMOUNT AND 2 % PROFIT SHOULD BE SHOWEN SEPARETELY ?
i.e. 18 lakh is purchased and sell amount ...and 2% profit (90000) should be shown separetely.
3. described me accounting.
Profile Image

Arun Biyani

Profile Image

Arun Biyani (Expert)
08 October 2013 the 2% is minimum profit to be added, you can add even higher profit.. you dont have to show profit separately..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details