Entry for purchase of foreign exchange
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
when foreign currency purchased how is it recored in books of ac?
eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___
is above entry is coorect to pass in books of accouont?
eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___
is above entry is coorect to pass in books of accouont?
10 March 2012
When you have purchased foreign currency; it means you hold it now in your cash box.
.
Right ?
.
To purchase such currency you have paid through bank.
.
Right ?
.
Follow the following accounting rules :
.
Debit what comes and Credit what goes out.
.
Debit the receiver and Credit the giver.
.
Now pass the required entries into your books applying the above rule.
.
Right ?
.
To purchase such currency you have paid through bank.
.
Right ?
.
Follow the following accounting rules :
.
Debit what comes and Credit what goes out.
.
Debit the receiver and Credit the giver.
.
Now pass the required entries into your books applying the above rule.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
