Purchase an asset from overseas on account

[HamAutos]

Hi Team,

Can someone please help?

We purchased an asset from overseas with the following details:

1. Purchsed/imported the asset e.g. a car for NZD6,008.67 on accounts.

2. We paid GST of $901.30 for the $6,008.67 purchase price on arrival in NZ.

3. We also paid for the expenses such as freight from overseas to NZ, customs, storage, movements, compliance etc. of $3627.26.

I've made the following journal entries. Please correct me as I know that I'm wrong.

Vehicle Stock                    Debited $10537.23

A/Cs Payable (overseas partner)                                   Credited $6008.67

COGS                                                                             Credited $4528.56

Thank you

[Tracey_H]

Hi @HamAutos 

I'm sorry to see that no one has replied to you yet. As we're not accountants we're not permitted to advise on the accounts, amounts and tax codes when recording transactions. In these situations we do recommend speaking to your accountant to ensure the pruchase is reported correctly.

Please don't hesitate to post again if you need help in the future.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.