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01 August 2012 Dear Sir, Hello , i am an accountant in a manufacturing firm we have purchased a machine from china in $28000, and make payment in Indian rupee invoice is as cost $23000 and freight $5000 total invoice value is $28000, my question is that should we take total value of invoice as a cost or should i take freight entry separate in books of account. I also want to know that if freight is included in invoice but shown separately in invoice then is it a cost of purchase or should i make a separate entry for the freight.
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Amol S Joglekar

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Amol S Joglekar (Expert)
01 August 2012 Normally the freight is capitalised. But in case of existing company, as per income tax , the freight can be claimed as revenue expenses.
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