Valuation of closing stock of imported goods

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2013 I have imported the goods of Rs.100(10 units) and paid custom duty Rs.28(As per custom Tariff) and till 31st March,2013 i have sold 8 units and 2 units are left as closing stock ,while doing valuation whether i will include the custom duty or not, I have done the valuation as under ;

Cost of goods Purchase

Basic Cost =100 (For Ten Unit)
Duty Cost = 28 (For Ten Unit)
Insurance & Freight = 8(For Ten unit)
CHA & Other charges = 5 (For Ten Unit)
Total Cost =141 for Ten Unit
Per unit cost is Rs.14.10

So unsold goods was 2 unit and valuation is 14.10 X 2 = 28.20
Please advise whether my valuation correct or I have to exclude the custom duty.

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 June 2013 if you take credit of custom then no addition of custom duty in inventory

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2013 We are the trader and we are passing on the duty in sales invoice

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chaitanya Voolla

chandradhass sathish

Saumil Kapadia

CA Archana R

Tax Expert Group

Subscribe Now

Valuation of closing stock of imported goods

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA