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This query is : Resolved

MAHESH (Querist)

19 August 2009 WE MAKE A EXPORT SALE (USA) OF $106848
BUT IN OUR CURRENCY INVOICE MADE RS.52,67,640/-
& PARTY SEND US A DOLLORS 3 TIMES.
1. ADVANCE $21365 @ RS.49.16 i.e. RS.10,50,284.74
2. AFTER SALE $74786 @ RS.48.73 i.e. RS.36,44,302.29
3. & LAST $10680 @ RS.47.89 i.e. RS.51,14,55.62

NOW AT THE LAST IN OUR ACCOUNT SHOWS OUTSTANDING OF RS.61,598.35

I WANT TO CAN I WRITE OFF THIS AMOUNT?
IF YES, TELL ME UNDER WHICH ACCOUNT HEAD?
IF NO, TELL ME WHAT I DO WITH THIS FIGURE?
TELL ME JOURNAL ENTRY WHICH I WILL USED IN TALLY.

UMA SHANKER SHARDA

UMA SHANKER SHARDA (Expert)

22 August 2009 This amount can be w/off through a new account i.e. Exchange Fluctuation account and it will be part of trading account. At the end of year this account will show the net of fluctuation that may be gain or loss. Journal entry is:
Exchange fluctuation a/c Dr 61598.35
To Party account 61598.35

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