Accounting entry for imported purchase by traders

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EMPLOYED

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

Replies (1)

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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