I have imported and sold goods on high seas basis. Since the goods never received and became my stock in trade, (Bill of entry was filed by buyer), the HSS was not included in turnover and net result has been shown as trading income. Whether the accounting treatment is fine?
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Import and high seas sale
Replies (2)
sorry couldnt get you when you have sold then why high sea sales not included in turnover
U just give me an Answer, where u have adjusted the Payment made to Supplier, As the Bill Docs will be in your name, & u would have taken it from the bank after payment on A/c of Supplier.
what about the profit arise from ur sales price less pur price. where u have shown that .
The Pur & sales both will be accounted` & the profit or loss due to HSS will also be accounted . which i think already showing in books.
Regards....VIKAS KAPOOR
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