What is the Treatment i.e. Acctg. Entry for Import Recd. from the Exporter, if they deducted payment and then send the import. What is the treatment if the party has send full inv. amt. then send the import, how to entered the same what is the tax treatment for the same
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Accounting entry for import
Replies (1)
1- If you pay advance payment/ Party payment
Party (exporter) a.c Dr
Bank charge a.c Dr
to Bank account.
2- For purchase accounting ( and deduct from advance)
Purchase a.c Dr
S.Freight A.c Dr
Insurence a.c Dr
To Party ( exporter) after advance deduction
To party (exporter) advance amount
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