Construction
Import Duties on Imported Materials
Capitalizing customs duties paid on imported structural steel or specialist equipment into the material cost.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Material Inventory / WIP | Asset (+) | 15,000.00 | - |
| Cash in Bank | Asset (-) | - | 15,000.00 |
💡 Accountant's Note
Import duties are part of the cost to bring materials to the site. They are capitalized into the material cost, not expensed separately, following IAS 2.
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