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

Replies (3)
Quick Summary
This discussion clarifies the accounting entries for CIF imports, specifically addressing the timing of recognition when goods are in transit. It outlines the initial entry based on the invoice date and overseas creditor, and then explains how to record the final stock entry upon physical receipt of the goods in the buyer's godown.

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 )

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

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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