HamAutos
2 years agoExperienced User
Purchase an asset from overseas on account
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