PLEASE HELP ME AS TO HOW TO PASS ACCOUNTING ENTRY FOR PURCHASE ON HIGH SEAS BASIS
IS THIS THE CORRECT WAY
VALUE OF HIGH SEAS PURCHASE = 100
VALUE OF IMPORT DUTY PAID = 10
PURCHASE ENTRY
PURCHASE IN TRANSIT A/C = 110 DR
SELLER ON HIGH SEAS A/C = 100 CR
IMPORT DUTY PAID A/C = 10 CR
Highseas Purchase A/c Dr. 110
Creditor (Highseas) A/c Cr. 100
Import Duty Payable A/c Cr. 10
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