banner_ad

Difficulty

This query is : Resolved 
Profile Image

Profile Image

(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.
Profile Image

Amol S Joglekar

Profile Image

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


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details