Import purchase

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 we have imported raw material from USA. while recording it in books of accounts, what should be date of purchase :-
1. date on Purchase Invoice or
2. date on which we received material at factory

CA UMESH DULAL

CA UMESH DULAL (Expert)
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23 August 2013 date on purchase invoice

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 In case of purchase of capital goods??

CA UMESH DULAL

CA UMESH DULAL (Expert)
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23 August 2013 assets put to use

Ganeshbabu K

Ganeshbabu K (Expert)
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23 August 2013 As per AS9 purchases can be recognised when all significant risks and rewards transfered to you
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so if it is FOB import purchases

1)your liability starts once goods shippend and bill of ladding prepared accordingly you need to book purchases at the date of bill of ladding

2)in case of CIF import purchase your liability starts once it reaches to indian port and bill of entry made,,so it can be booked at the date of bill of entry
.
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As you got clarity on what date to recognize purchases you can book at the rate on that date which is shows in rbi website

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