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This query is : Resolved
Chauhan Nayan
(Querist)
01 December 2014
Xyz imported goods worth USD 500000 From US based company on 31st october 2010 when 1USD=46.75. It was agreed to the creditor in four equal installment as follow:
date of payment exchange rate
30november2010=45.85
31december2010=46.25
31january2011 =47.35
28february2011 =46.85
the company closed books on 31 december. Calculate the exchange differance and pass journal entries and also prepare foreign currency payable a/c.
Amol S Joglekar
(Expert)
01 December 2014
30/11/2010 Gain INR 0.80 per USD
31/12/2010 Gain INR 0.50 per USD
Account for these gains in the year 2010.
Value the closing stock accordingly.
Is he taking any FORWARD contracts?
31/12/2010 Gain INR 0.50 per USD
Account for these gains in the year 2010.
Value the closing stock accordingly.
Is he taking any FORWARD contracts?
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