Dear Friends,

I need your assistance, I need a solution for the below question that I have?


Purchases for the amount of EUR 12,000 were bought from one supplier in France and the invoice is payable within 60 days in Euros. the invoice was received and recorded in the company's accounts on May 31st, 2006 the exchange rate of Euros to US$ was 1 Euro=1.30 US$ and 1 Euro= 1.25 US$ on May 31st,2006 and June 30th, 2006 respectively.

Please prepare the required journal entries on May 31st and June 30th assuming that the company maintains its Accounting in U.S. dollars and closes its accounts on a quarterly basis.

when to issue debit note and credit note by both parties.

what treatment should be made in books of Accounts when discount received on fixed assets purchased.
discount received should transfer to P/L Account
or
Discount should be reduced from Fixed Assets.

Receivable /Accrued/Due-
payable/Due /Accrued

what is in depreciation chart.
Addition,
Deletion/Disposal,
Accumulated Depreciation,
salvaged value,
Gross Block and
Net Block.

how to maintain books of Accounts of Head office and Branches, is any concept to maintain books of accounting,

what will be the impact on profit and loss account on sales increase. what will be the major effect on profit and loss accounts.

what is meaning of reverse journal entry in the books of accounts.

How do we show closing stock in trial balance?

why Closing stock is not shown in Trial Balance.