Valuation of imported goods purchased
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2012
We have imported goods and various dates of transations are as under:
Bill of lading date - 20/04/12 USD 52
Bill of Entry date - 25/04/12 USD 53
Date of Forward cover taken - 30/04/12 USD Spot 54 and Forward rate USD 56
Material received at Port - 29/04/12 USD 55
At which rate we should account for purchase transaction and treatment of exchange fluctutaion at which rate
Bill of lading date - 20/04/12 USD 52
Bill of Entry date - 25/04/12 USD 53
Date of Forward cover taken - 30/04/12 USD Spot 54 and Forward rate USD 56
Material received at Port - 29/04/12 USD 55
At which rate we should account for purchase transaction and treatment of exchange fluctutaion at which rate
U S Sharma
(Expert)
20 August 2012
make entry at bill of exchange rate, i.e at the rate on which you have paid customs duty.
any diff with the bank rate will be accounted as "foreign exchange diff on imports" account.
any diff with the bank rate will be accounted as "foreign exchange diff on imports" account.
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