Import purchase

This query is : Open

shafeek ali (Querist)
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14 July 2012 sir,
plz suggest me reference site or kindly explain me the procedure related to import and accounting treatment of the same

1. how will we treat import duty paid and other expenses related to import like destuffing charges, storage charges, detention charges etc in accounts.
2. why the amount entered in the delivery note deffer from bill of entry

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)
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14 July 2012 1. import duty paid is a expenses, and other associated expenses are also expenses and should be debited in p& l a/c

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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14 July 2012 ALL TAXES/ EXPENSES RELATED TO PURCHASES & WHICH IS NOT ADJUSTABLE ARE DEBITED IN DIRECT EXPENSES (TRADING ACCOUNT)

shafeek ali

shafeek ali (Querist)
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15 July 2012 sir

in VAT return purchase are entered from delivery note. that amount is entirely different from bill amount.

1 how DELIVERY NOTE amount calculated

2 How we we can tally purchase as per VAT return and Purchase as per accounts.

3 how we can treat exchange dereference (purchase date rate- Payment date rate) in party account.

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