Accounting entry for imported purchase by traders

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22 Points Posted on 17 April 2012

Which entry should be passed for Imported Goods by the Traders in His books of Accounts

How should we treat the Cost , Insurance , Freight  , Custom Duties and Other expenses in the Books of Accounts

How this entry should be Passed in Tally

Please help

 

Thanks

Abbas

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On 17 April 2012 at 21:03 Report
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Chartered Accountant
3769 Points Posted on 17 April 2012

 

Pass normal purchase entry. There is no need to bifurcate the purchase price into freight and insurance.
 
Purchase A/c      Dr.
  To Sundry Creditors A/c.
(Being goods imported)
 
 
Regards,
Devendra Kulkarni
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On 17 April 2012 at 22:33

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