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Import Purchase

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(Querist)
21 January 2011 If importer directly sold the goods from ICD to his customers without bringing the goods to his own godown, then which date is relevant for purchase entry and which day's exchange rate is relevant for this accounting entry.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
22 January 2011 Purchase entry date is when ownership is transferred.

Exchange rate - date of transaction i.e. transfer of ownership.
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Cavimal

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Cavimal (Querist)
24 January 2011 Thanks sir for ur reply. Which date to be considered as dt. of transfer of ownership. viz payment of Custom duty date or any other date ? kindly rply.
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