Imported purchases

Hello

Friends

One of my client has imported material and same is kept with warehousing bond and  is removed from bond as and when required. When material is removed from bond it it booked under purchases and whatever material remains on 31st march in bond is shown as material in transit. Rent of warhousing bond is born by my client. Is this proper accounting or should entire purchases be booked under purchases.

 

kindly share yr expret vier.

 

Regards.

VKS

 

Replies (1)
dear sir, I think the accounting treatment followed by your client is proper for the reason that title of warehoused goods can be relinquished before order for home consumption is made. in that case he has to pay only warehouse rent and he is relieved. so only after order for home consumption is made it is that he cannot relinquish the title to goods. so I think it is proper to book purchase only after goods are released from the warehouse. this is my view. please tell me whether I'm right on this point.. with regards Kaustuv

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details