Accounting
This query is : Resolved
29 July 2013
can anyone help me how to treat below transactions
We develop tool for a company outside India. The said Tool will be the ownership of the Foreign Company. The said tool is developed by the Third party in India and we will receive payment from Foreign company and accordingly we will pay for the Tools developed by third party.Please let me know how this entry would be passed in my books because I will receiving payment and will pay to third party, there may be some exchange impact
We develop tool for a company outside India. The said Tool will be the ownership of the Foreign Company. The said tool is developed by the Third party in India and we will receive payment from Foreign company and accordingly we will pay for the Tools developed by third party.Please let me know how this entry would be passed in my books because I will receiving payment and will pay to third party, there may be some exchange impact
Rupesh Jain
(Expert)
29 July 2013
your raise sell invoice for foreign buyer
and make payment to third party
job work/purhcases a/c
to third party a/c
when make pay.
third party a/c dr
to bank a/c
and make payment to third party
job work/purhcases a/c
to third party a/c
when make pay.
third party a/c dr
to bank a/c
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