Respect All,
Kindly suggest for High seas purchase entry of Without Tax....I purchase Material from Maharashtra on High seas Basis and i paid Igst on custom challan. Maharashtra seller given Purchase invoice without Tax..So please suggest for purchase entry booking and which type of Purchase Ledger nature of Transaction..
Thanks..
At the time of import
purchase on the date of bill of lading ac Dr
to s creditors for purchase on the bill of lading
for making payment
s creditors for purchase on the date of payment ac Dr
to credit bank of Account on the date of payment
at the time of high sea sales
customer ac Dr as per the endorsement of bill of lading
to sales ac same as per the endorsement of bill of lading
at the time of recipient of payment
bank ac Dr there's will be margin and as per the exchange rate on the date of invoice
to
customer account here also margin and as per the exchange rate on the date of invoice
at the high sale purchase
purchase ac Dr
to s creditors for purchase
as per the endorsement of bill of lading and invoice date
again
s creditors for purchase ac Dr
to bank account as per the exchange rate on the date of payment
CAclubindia
