Company X has given an advance of USD 1000 for an import puchase (ex rate - Rs.40/USD) on 01.04.08. Later it received an invoice for USD 1000 on 01.05.08(ex rate - Rs.45/USD. For what INR the purchase should be accounted? Is there any foreign exchange gain/loss?

Company X pays an advance of USD 1000 on 01.04.2008 (Ex rate = Rs.40/USD)for import purchase. Later it received invoice from the seller for USD 1000 on 30.04.2008(Ex rate = Rs.45/USD).For what INR the purchase should be accounted in the books of X? Is there any foreign exchage gain/loss to be accounted?

A company ipmorts a particular software and Hadrware @20,000 USD. As per the terms and condition 50% advance payment is to be made. then he will deliver the goods adn after deliver of goods balance payment is to be made.

on 1/4/7 company pays 10,000$ @40.05.
Rs.4,00,500/-. Hence advance payment entrty is passed.
Goods are received on 9/4/7 and as per Bill of entry rate of exchange is 41.8 per dollar.
on 9/4/7 company booked purchase entry and exchange difference of 0.24paise/-.

When balance payment USD10,000 is paid rate of Exchange is 40.08/- and hence again company booked exchange difference of .03 paise.

Is the compny is right bookimg exchange difference at every stage or it should book excahnge difference for the purchase made but neither the goods are received nor payment is made on 31st march 2008.

Plz.
help

Sir,

I am working in Private concern and we are in the rented place and we planing to do some interior works its cost about 5lkhs.
1. In which head we have to account the cost of interior work?
2. Rate of Depreciation?
3. If its an assest, we need to update in fixe assets register?

Thanks & Regards
Ravikumar A.H

we have debited your a/c by Rs 200, in this case who will get Rs 200?

WHAT IS THE MEANING OF INTER CORPORATE DEPOSIT & BENEFIT OF IT ?

WE HAVE DEBITED YOUR A/C BY Rs 200, IT MEANS WHAT?

WHAT IS ICD?

i just study about venture and consignment at cpt course. Having some problems about those subject. plz help me.

Dear Experts,

I need material related to forward contract,if anybody have. Pls.send me my email id bec's I dont know how to accounting in FC.

Curently I am in one audit of our client & they have transaction related to FC.

prakashjasani_56@rediffmail.com

Regards,
Prakash Jasani