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Accounting Careers: entry of materials

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    • CommentAuthorbinay
    • CommentTimeDec 5th 2008
     
    After making purchase of materials, there involved custom duty,freight,carriagge etc. how the journal accounting entry pass for this?
    • CommentAuthorpk
    • CommentTimeDec 5th 2008 edited
     
    Those expenses should be added to the cost of the materials.

    Dr. Inventory (Inventory cost + freight+customduty+etc....)
    Cr. Accounts Payable (cost of inventory - as per invoice value)
    Cr. Bank Account (Custom Duty payment + Freight etc...)

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