Answer / anix

As the name indicates it is a control Account .
1.entry
Wages Control To
Cash
(Payment of Wages)
2.
Corresponding Expense Account To
Wages Control
At the end the balance of Wages Conrol A/c will be 0.
This A/C is widely used where interim salaries are given to
the employees .....

An importer import some goods @10,000 us dollar on cif basis following dollar rates avilable on the date of presentention of bill entry.(1) Rbi floor rate 46.35,(2) rate notify by CBE AND C under section 14(3)(a)(i)of custom act Rs.46.55 (3) Rate at which bank has reliased the payment from importer Rs.46.58, what will be assessable valu according to custom act?

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