Exchange rate fluctuation
This query is : Resolved
24 June 2014
sir i import goods. i make the entry of impor t taking us dollar rate of the receiving date. But i made payment afterwards by taking that day exchange rate. then what should be the exact accounting entry for exhcnage rate fluctuation
24 June 2014
Hi Poonam,
Accounting entries will be as under,
Foreign exchange gain/loss A/c. Dr. XXX
To Party A/c. (Creditor) XXX
(in case of foreign exch. loss)
Party A/c. (Creditor) Dr.XXX
To Foreign exchange gain/loss A/c XXX
(in case of foreign exch. gain)
Accounting entries will be as under,
Foreign exchange gain/loss A/c. Dr. XXX
To Party A/c. (Creditor) XXX
(in case of foreign exch. loss)
Party A/c. (Creditor) Dr.XXX
To Foreign exchange gain/loss A/c XXX
(in case of foreign exch. gain)
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