We import goods on regular basis for each project specifically. Suppose we have imported few goods for Project X and paid import duty to B (Custom clearance co.) of a sum of 20000. What will be the accounting entries.
Accounting Entries passed.
B A/C Dr 20000
TO Bank A/C Cr 20000
(Payment of import duty to custom clearance company)
Project X A/c Dr. 20000
To B A/C 20000
(Import Duty for Project X)
Accounting Entries passed.
B A/C Dr 20000
TO Bank A/C Cr 20000
(Payment of import duty to custom clearance company)
Project X A/c Dr. 20000
To B A/C 20000
(Import Duty for Project X)
Project import Duty
