Accounting Entry for Sales & Purchase in fc

This query is : Resolved

Keyur (Querist)
Follow

20 November 2023 Sir/Madam
I have one query regarding accounting entry of Sales Bill and Purchase Book. Company maintains books of account in multiple currency i.e INR, USD, Euro etc.

Company charged IGST tax on Sales to Foreign Customer and this IGST not to be paid by Customer because company has to pay IGST Tax. Company passes Journal entry for removing/adjust Forex gain or loss by debiting in INR currency and crediting Foreign Currency!!!
My question is that can it is correct accounting entry debiting in INR and Crediting in Foreign currency?? After passing above entry Forex gain or loss adjusted in Customer Account. thanks

Sir, Please let me clarify about tax refund release in our bank account if adhar card and pan card not linked ?? Tax Return is filed within due date and ITR V was sent at Bangalore office. Return is assessed and tax refund due to assessee. thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

20 November 2023 Claim refund of IGST paid on export.
Debiting INR currency and crediting foreign currency is not the right journal entry. Journal entry should be in single currency both debit and credit.
Link aadhar with PAN to receive refund.

Keyur

Keyur (Querist)
Follow

22 November 2023 Thank you very much sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

22 November 2023 You are welcome..
...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now