Rate of booking of import purchases

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Bhavya (Querist)
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24 November 2012 my query is with regards to import purchases. Suppose the goods are loaded from USA on 1-1-2012 the same reaches mumbai customs on 10-1-2012 and the goods are recieved in our factory at gujarat on 30-1-2012. While booking the rate of Purchase in tally which forex rate should be considered. I guess, customs rate is only for the purpose of assessing the customs duty. PLEASE ASSIST AS TO WHICH RATE SHOULD BE CONSIDERED WHILE BOOKING THE PURCHASE IN ACCOUNTS

Amol S Joglekar

Amol S Joglekar (Expert)
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24 November 2012 Goods are loaded at the instance of your PO. right? Book the same at PO / negotiated value. The actual payment shall take some more days. The gain or loss shall accordingly be calculated and debited/credited as the case may be.

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Bhavya

Bhavya (Querist)
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17 December 2012 Thank you Mr. Amol but could you provide me any reference to a reliable source like any act,rule,notification,circular,etc. if possible.

Amol S Joglekar

Amol S Joglekar (Expert)
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18 December 2012 Accouting standard by ICAI. AS 11, AS 16

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