Import of goods and customs duty paid

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the accounting treatment for imported goods. Customs duty, agent fees, and shipping charges directly related to bringing goods into stock should be debited to the Trading Account. However, bank charges incurred for foreign remittances are considered an expense and should be shown in the Profit & Loss Account.

ARUN GUPTA

ARUN GUPTA (Querist)
Follow

24 November 2023 We have imported goods and paid customs duty on goods.where will we show customs duty in trading A/C or profit and loss A/C?? Where will we show custom agents charges, shipping bill charges and bank charges incurred for remittance of foreign payments?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

25 November 2023 Show it in trading account except bank charges which show it in profi and loss account.

ARUN GUPTA

ARUN GUPTA (Querist)
Follow

25 November 2023 We had purchased goods cif prices.shipping bill is after arrival at port .we had made epr plastic certificate for import purpose required mandatory.how will we show these charges

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

25 November 2023 These charges show it in trading account.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now