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Accounting

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(Querist)
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
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Rupesh Jain

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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
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