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ACCOUNTING ENTRY FOR EXPORT

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Arvind gupta

20 Points Posted on 04 June 2022

can anyone please let me know what is the accounting entry for the below details.

There is an export sales without LUT(i.e. With Payment of Tax)

1. Invoice date 25/03/2022, Invoice Value USD 10010/- Rate on 25/03/2022 1 USD=Rs. 77.64) INR Value777176/-

2. Shipping Bill Date 02/04/2022 , 1 USD= Rs.77.32 FOB Value= 773973/- IGST Value=773567 IGST =92824 (IGST Tax Rate 12%).

3. Bill of Lading Date is 03/05/2022.

Please take this urgent , I am confused about : in which date entry will be passed, What amount will be shown in exports . Please help and explain which value should be taken and why?

Replies (3)

Quick Summary

This discussion seeks guidance on the correct accounting entry for export sales made without a Letter of Undertaking (LUT), meaning tax is paid. The user is unsure about the date the entry should be passed and the specific INR value to record for the export. Key details provided include invoice date and value, shipping bill date and IGST paid, and the bill of lading date, highlighting the need for clarification on which date and amount to use for accurate financial reporting.