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Rajkumar Gutti (Audit Manager)     24 September 2021

Gooda in transit

Goods are imported under cif basis

Bill of lading 28/02/21

invoice Date 28/02/21

Bill of entry date 25/03/21

transporter take possession  of goods 

At Indian port 28/03/31

Actual Goods received in Buyers Godown 02/04/21

please suggest  how make accounting entry from first to end

 3 Replies

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     24 September 2021

Entry will be as per Invoice date in the books accounts
28/2/21 Import purchase A/c Dr
BCD A/c Dr
IGST. A/c Dr
Cess. ,A/c Dr
To Overseas Creditor A/c Cr
( Being Import purchase made , Invoice no date , Bill of entry dt )
Rajkumar Gutti

Rajkumar Gutti (Audit Manager)     25 September 2021

But sir actual possession  of goods recevid

In April 2021

My query is pl.guide me goods in transit entry and actual goods possession  entry

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     25 September 2021

Purchase requisition entry- when you decided or need stock

(this is immaterial cause all software’s don’t have it)

Invoice entry - as on invoice date

Payment entries- when payment isn’t made before the payable days or credit policies

Stock entries- when goods received at warehouse address.


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