Hii,
When we purchase goods on high sea agreement then for accounting purpose(at time of purchase) what will be rate of exchange.
High sea sale
Replies (5)
Could you put some light on High sea transactions
for accounting we will use the RBI rates and for the customs purpose (auditing, duty etc) we will use CBEC rates
What is relevant date for accounting of HI-Sea purchase??
Date of agreement
RBI rate on date of invoice or any other supporting document evidencing purchase will be used for accounting and CBEC rates will be used for customs computation..... However if transactions are taking place frequently and the company wants to use a uniform rate for purchases in a period...then you can take avg RBI rates for month or CBEC rates which are declared for every fortnight...
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