Retail
Customs Duty on Imported Goods
Capitalizing customs duties into the cost of imported inventory.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Merchandise Inventory | Asset (+) | 4,500.00 | - |
| Cash / Bank | Asset (-) | - | 4,500.00 |
💡 Accountant's Note
Import duties are part of the inventory's landed cost and are capitalized under IAS 2. They increase COGS when items are sold and directly affect the gross margin.
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