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Sep 30, 2007 at 02:45 PM

Delivery Cost not to be inventorised


Dear all,

I need your advise in our business scenario.

Basic Price = 100.00

Customs duty = 10.00

I dont want to inventorise the customs duty to the material cost but required as a separate entry like below:

Inventory account Dr. 100.00

Customs duty Dr. 10.00

GR/IR clearing a/c Cr. 110.00

Because the imported materials are exported within 180 days. Initially we pay the customs as deposit not as a duty. If we are unable to export within 180 days then the deposit amount should get transferred to Customs duty account and to be inventorised to the material account.

Please advise.