Multiple Choice Questions on what is the treatment of import duty or custom duty ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

what is the treatment of import duty or custom duty ........

General Accounting Principles Accounting cycles
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    what is the treatment of import duty or custom duty

    credited to trading a/c

    Incorrect Answer

    debited to P/L a/c

    Incorrect Answer

    Credited to P/L a/c

    Incorrect Answer

    debited to trading a/c

    Correct Answer

    shown on the asset side

    Incorrect Answer
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    Explanation:

    custom duty is paid on import as well as exports of goods. custom duty when paid on purchases of goods is charged to tading A/c. in the absense of specific instructions, these are debited to trading a/c

    By: SWAPNIL AGGARWAL
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