please guide the Standardize rule for Accounting for the following transaction:
Goods purchased from USA,for sale in India
1.Date of Commetcial Invoice 1.3.19
2. Invoice Value $1000( 10 unit @ 100$)
3. Date of BoE 1.4.19
4.Date of payment of Tax& Duties.
31.3.19
5. Date of payment to Creditor
case-(a): 1.3.19
case-(b) :1.5.19
6.Exchange Rates:
i.CBIC : 1.3.19 = Rs.70/$
31.3.19 = Rs. 71/$
1.5.19 = Rs. 72/$
ii. RBI rate : 1.3.19 = Rs. 70.5/$
31.3.19 =Rs. 71.5/$
1.5.19 = Rs. 72.5/$.
7. Other Expenses details:
(i)payment to CHA Rs. 50000( Commission,Clearing and Fwd changes)
(ii)payment to GTA Rs. 5000
Q. Please advice the journal entry according to AS/IndAS,TDS,GST Custom duty and what will be the Cost of material?
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Imported inventory Accounting
Replies (3)
Quick Summary
Material received date....??
Initial recognition of goods purchased:
Purchases a/c
GTA and CHA a/c
To Payables a/c
Final amount settlement:
Payables a/c
Exchange loss a/c
To Cash a/c
Here recognition date is invoice date; BoE is settlement date; CBEC exchange rates should be used; finally, tax amounts should be adjusted during the settlement date
Material receiced date is Date of BoE. 1.4.19
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