Import

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This query is : Resolved

ashish gupta (Querist)

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

Yash Anandkumar Mandavia

Yash Anandkumar Mandavia (Expert)

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.

ashish gupta

ashish gupta (Querist)

22 November 2011 yes we are a company. can you tell me the date of booking the purchase if we are selling them as High Sea Sales

ashish gupta

ashish gupta (Querist)

22 November 2011 what shpuld be the date of purchase in case of High sea sales

Yash Anandkumar Mandavia

Yash Anandkumar Mandavia (Expert)

22 November 2011 That depends on the contractual terms than. Generally accounting is done when the risk & rewards are transferred ie AS-9

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