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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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Answer / kopilla srinivas
RATE NOTIFY BY CBE AND C UNDER SECTION 14 (3) (A)(I) OF
CUSTOM ACT RS 46.55
| Is This Answer Correct ? | 8 Yes | 1 No |
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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