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.