22 November 2011
If an LC arrangement has been entered into with a bank for import payments. when should the purchases (import) be booked in the accounts. i.e. on the date of payment release by the bank or on the date when goods are loaded in India. Contract terms are FOR Indian Border
22 November 2011
When to record a particular transaction depends on the accounting system that you are following. If you are following mercantile, compulsory in case of companies, than you should record at the time of purchase.
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