Presently, we are engaged in manufacturing of corrugated boxes in our private limited company. In few months we are suppose to import some raw material. Now at the arrival of the import consignment :
If we Sell the same under High Seas/Bond Transfer what will be the effect of the same in books of accounts (Purchase A/c). Whether the amount shown in Bill of entry should be used as base for the purchase figure and what if we sell the same to the propose buyer in high seas, how to maintain the accounts in that case.
Kindly post some valuable imputs in the above matter.