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Imported inventory Accounting

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pritam das

4 Points Joined June 2020

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?

Replies (3)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Material received date....??

yasaswi gomes

My grammar is 💯 good I

7296 Points Joined March 2019

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