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Bhavesh G Joshi (Partner)     23 April 2013

Purchase on high seas basis

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



 1 Replies

CA. Kuldeep Singhi

CA. Kuldeep Singhi (Entrepreneur)     25 April 2013

Highseas Purchase A/c    Dr. 110

Creditor (Highseas) A/c    Cr.         100

Import Duty Payable A/c    Cr.          10

 


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