Import Insurance Policy Accounting when Material received in next FY
This query is : Resolved
28 May 2021
Dear Sir,
We have taken insurance against import of machinery on 12.03.2021 but machinery in actual received on 12.05.21 (due to ocean transit)
Now, where to book Rs. 10000 /- Insurance Expense in FY 2020-21 or FY 2021-22,
We have taken insurance against import of machinery on 12.03.2021 but machinery in actual received on 12.05.21 (due to ocean transit)
Now, where to book Rs. 10000 /- Insurance Expense in FY 2020-21 or FY 2021-22,
28 May 2021
Open machinery account under transit, book amount payable on foreign vendor and insurance expenses.
The ownership of machinery might have been passed on to you as on 31st March as import terms are on FOB basis.
The ownership of machinery might have been passed on to you as on 31st March as import terms are on FOB basis.
03 June 2021
Machinery under transit account under Current Asset or under which head and expense to Insurance to capitalied after valuation of machine on the basis of bill of entry
please confirm
03 June 2021
It's capital goods in transit, as machinery will be capitalised. Include insurance expenses also under capital goods in transit.
Capitalise all expenses including transport, handling, customs duty, clearance charge and commissioning expenses.
Capitalise all expenses including transport, handling, customs duty, clearance charge and commissioning expenses.
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