How to pass entry for fllowing instance in tally or journal
entry:
Imported goods worth Rs.17,000/-.Invoice value is Rs.17000/-
(its incl. Rs.6,000/- freight), duty for this is Rs.4500/-
(its seperate).Kindly tel me how to pass entry for the
above?
Answers were Sorted based on User's Feedback
Answer / harsukh vaja
Purchase A/C or Stock A/C Dr 21,500/-
To Creditors A/C or Bank A/C 11,000/-
To Freight A/C 6,000/-
To Duty A/C 4,500/-
Being Goods Purchased worth 11k + 6k Freight and Duty paid
is 4,500/-
Is This Answer Correct ? | 33 Yes | 19 No |
Answer / ishwar singh ranawat
Purchase a/c Dr 11000
Freight a/c Dr 6000
Custom duty a/c Dr 4500
to party a/c 17000
to Bank/cash 4500
(Being goods Purchase and Paid Duty for separate)
Is This Answer Correct ? | 15 Yes | 4 No |
Answer / pradeep
Duty and freight both will be part of imported goods.
(Since the question does not clear the nature of duty in
what section under the custom act whether credit are
permissible or not hence entry will be,
Purchase (items) a/c (17000+4500) Dr. 21500
To Creditors or Bank A/c 21500.
Is This Answer Correct ? | 26 Yes | 18 No |
Answer / karthik
Import purchase a/c 21500 (dr)
To, import creditors a/c 17000 (cr)
To, customs duety a/c 4500 (cr)
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / manoj kumar
purchase account Dr.17000
custom Duty account Dr.45oo
To S.Creditors account 17ooo
To Bank account 45oo
(Beieng goods imported and duty paid )
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / manish yadav
POURCHASE A/C DR. 11000
FREIGHT A/C DR. 6000
IMPORT DUTY A/C DR. 4500
TO SUNDRY CREDITOR A/C 21500
Is This Answer Correct ? | 6 Yes | 6 No |
Answer / parshuram warik
Purchase a/c Dr. 17000/-
To Party a/c Cr. 17000/- (Including frieght chrges. Rs.
6000/-)
(Being bill booked towards Goods Imported included frieght
Charges)
Party A/c Dr. 11000/-
To Bank A/c.
(Being amt paid for Import of goods)
Duty Charges A/c Dr. 4500/- (Under Indirect Exps)
To Party A/c Cr. 4500/-
(Being Bill booked towards Duty Charges for Import)
Party A/c Dr.
To Bank A/c Cr. 4500/-
(Being Duty Charges Paid for import of goods)
Is This Answer Correct ? | 2 Yes | 2 No |
Answer / karan
BY import goods dr 21500
TO FRIEGHT cHG. 6000
TO EXICE 4500
TO PARTY a/C
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / vasuki
Purchase A/C Dr 21500
To Cash Account 21500
(Being amount paid for the purchasing
of goods worth Rs. 17000 (a) and duty
charges for the particular purchase is
Rs. 4500 (b). i.e., a+b=total amount
17000+4500=21500)
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / parshuram warik
Purchase A/c (Stock A/c) Dr. 27,500/-
To Party A/c 17,000/-
TO (Direct Exps) 10,500/- (Fright=6000+Duty=4500)
(Being Bill Booked towards Goods Import.)
Party Ac Dr. 17,000/-
Direct Exps Dr. 10,500/-
To Bank 27,500/-
(Being Amt paid towards import of goods)
Is This Answer Correct ? | 3 Yes | 4 No |
How would the business ensure that he could not use the business cheque to pay for printing work he ordered for personal use?
while raising credit note for price difference,is it mandatory to charge excise duty 12.36% and vat 14.5% on local supplies
what is accountin statndards
prepaid expense ,how to treat in profit & loss a/c
what is Cost of Goods Sold give example?
what journal entry pass in case of vat refundable and in case of vat payable?
what is the Journal entry for credit card bill paid from same bank account
Ram supplied to kumar machinery worth rs 2000 in exchange for furniture worth rs 1000, goods for rs800 and cash rs 200. show how this would appears in Ram account ?
Tell me,as per companies which section P&L Account and balance sheet will be prepared
Definition of push down accounting
what is Investment Fluctuation Fund? is it reserve or provison?
What will be the general entry for purchase return? What will be the general entry for sales return?