Import of oil
This query is : Resolved
04 August 2021
Sir
We have imported goods and the invoice value is USD 89216.and we have paid whole amount in advance by converting Rs 73.45 per usd on dtd 03.07.2021. bill of lading dtd 11.07.2021. And BE dtd -16.07.2021.and on bill of entry the conversion rate is mentioned as 75.30 per usd.My question is that.
1. On which date we will book the purchase in our books .either bill of lading or bill of entry date .
2. Payment is made less than the value in rupees mentioned in bill of entry .but we have paid the full balance 89216 usd to party .how to set off the balance lying in party account in our books.
3.there is a forex gain .
Thanks
We have imported goods and the invoice value is USD 89216.and we have paid whole amount in advance by converting Rs 73.45 per usd on dtd 03.07.2021. bill of lading dtd 11.07.2021. And BE dtd -16.07.2021.and on bill of entry the conversion rate is mentioned as 75.30 per usd.My question is that.
1. On which date we will book the purchase in our books .either bill of lading or bill of entry date .
2. Payment is made less than the value in rupees mentioned in bill of entry .but we have paid the full balance 89216 usd to party .how to set off the balance lying in party account in our books.
3.there is a forex gain .
Thanks
04 August 2021
1) purchase transaction can be booked on the date of receipt of material from CHA after customs clearance
2) difference (in rupee) will be credited to gain on forex account.
2) difference (in rupee) will be credited to gain on forex account.
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