14 April 2010
Hi everyone Hope you all are doing very well. I want to ask that If we purchase items from outside India. Then we pay payment to our supplier, payment for freight , payment for custom duty, payment for clearing and etc... After that we do our sale in India [ Local & central ]. So I want to know that what items will be include in purchase figure. [ payment + custom duty + freight + clearing charges + etc.. ]
Please reply me I am waiting for your valuable reply...
16 April 2010
Custom duty will be the part of purchases. Regarding accounting of freight, clearing charges, I think these expenses should be accounted for as direct expenses.
CAclubindia
