Accounting Entry for realisation in USD
This query is : Open
14 January 2010
A co. made export in US & invoice is made on 23.12.2009 for $5,68,900.74. Co. sent CAD papers to its bank for collection on 24.12.2009. On 07.01.2010 Net payment of $5,68,774.74 is realised after deduction of commission of $126. On 07.01.2010 1$= Rs. 45.56. Co. kept this $5,68,774.74 in its EEFC A/c. On 13.01.2010 Co. got coversion of $5,68,774.74 into Rs. @ 45.66/- and Rs. 2,59,70,255/- (i.e. $5,68,774.74*45.66) is transferred to its CC A/c from EEFC A/c on 13.01.2010.
What is the accounting entry for above mentioned transaction?
What is the accounting entry for above mentioned transaction?
14 January 2010
As on date of invoice
S Debtors (name of party) A/C Dr.
To Sale A/C (Amount of Invoice*FE rate on date of sale)
on realisation
Bank a/C Dr
Bank charges A/C Dr
To S Debtors A/C
The diff between remi in EEFC account to CC account will be foreign exchange gain or loss
Others views are also invited
S Debtors (name of party) A/C Dr.
To Sale A/C (Amount of Invoice*FE rate on date of sale)
on realisation
Bank a/C Dr
Bank charges A/C Dr
To S Debtors A/C
The diff between remi in EEFC account to CC account will be foreign exchange gain or loss
Others views are also invited
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