Entries likely to be passed for ur query

1. For export

a. Party a/c 50,000

to Export Sales 50,000

(If billed in Foreign currency, amount equal to Indian rupees as per shipping bill)

b. Bank a/c 55,000

to Party a/c 50,000

to Exchange fluctuation 5,000

(Exchange fluctuation entry shall be recorded for the difference in realization of foreign currency received and it is the diff of rate b/w realization date and recorded date)

c. Shipping charges paid:

Clearing & forwarding charges 10,000

Input GST 1,800

to C&F Agent 11,800

C&F Agent 11,800

to Bank 11,800

d. Export duty paid

Customs duty a/c 5,000

to Bank 5,000

2. For Import

a. Import Purchases Entry

Import Purchases A/c Dr

To Party A/c

b. Customs Duty Entry

Customs Duty A/c Dr

To *C&F Agent A/c

c. ITC Stat Adjustment entry

Input IGST A/c Dr

To Customs Duty A/c

d. Payment Entry along with Exchange Rate Fluctuation

Party A/c Dr

**Foreign Exchange Gain/Loss A/c Dr

(If Loss)

To Bank A/c

To **Foreign Exchange Gain/Loss A/c ( If gain is there).

* If customs duty reimbursed to C&F Agent

** Debit - if loss in foreign exchange

Credit- if gain in foreign exchange

Accounting for Clearing and Forwarding Charges.

a. Expenses Due Entry.

C&F Charges A/c

Input CGST/SGST A/c

To TDS U/S 194C A/c

To C&F Party A/c

b. Payment Entry

C&F Party A/c

To Bank A/c

Hope you got clarity

Import and export is a process of buying and giving things from one country to another country to fulfil the requirements. At that point bestdissertation.com reviews explains you the process of trading and their business.