Ques:
-Import purchases $10000 (CF value)
-Bill of entry exchange rate - Rs. 45 (20.05.2010)
-assessable value for custom duty calculation (CF value+1.125%insurance+1% landing charges)X Rs. 45
- Exchange rate on actual payment Rs. 47 ($10000),
(4.04.2010) advance payment.
please help me with entry ,,, on following points :-
1. date for purchases ?
2. value for purchases ? assessable value (cif)?
3. whether to book insurance and landing charges separately ? or not?
4. treatment of diff due to exchange rate?
please suggest me any file in relation to accounting entries for import purchases,
thanks in advance
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Replies (2)
Date of purchase as per bill of entry.
value for purchases as per mentioned in BILL OF ENTRY.
seprately .
write the EXCHANGE rate of BOE.
1. Date should be by custom duty.
2. Assessable value.
3. Yes, you should book it in separately in purchase entry.
4. If its loss or profit pass an entry of Profit/Loss on profit Remitance.
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