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What is the accounting entry of import make payment in advancwe one month ago.
Eg. we have made payment of advance euro 10000 @ 75. then shipment received after one month. exchange rate of bill of entry on shipment date was 76. now my question is that my entry hould be posted on time of purchase @ 75 or76?
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If you post the entry at the time of purchase say after a month how can the BRS will tally. Yu can treat it has advance paid to client's a/c
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