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URGENT- Accounting entries

Hi experts

Please provide accounting entires for CUSTOMS migo, miro and j1iex for IMPORTED GOODS and how the accts gets nullified in subsequent transactions.

CHEERS

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    Posted on Mar 30, 2008 at 07:33 AM

    Hi,

    The accounts are

    1. Customs Duty Clearing invoice

    Custom Clearing Dr.

    Custom Payable Cr

    2.1.GR

    Stock Dr.

    GR/IR Clearing Cr.

    2.2. Excise Invoice Credit

    Cenvat Account Dr.

    Custom Clearing Cr.

    3. Invoice Verification

    GR/IR Clearing Dr.

    Vendor Payable Cr.

    Regards,

    Biju K

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