Exchange Rate on Export Bills
This query is : Resolved
11 June 2011
Dear All,
In export transaction most of time it happens that few export bill are remain to be received from the buyer by the end of financial year. In this case how exchange rate should be provisioned.
Example: During the financial year 2010-2011 Mr. A exported goods of €5000.00. This bill couldn't be received by the end of F.Y.2010-2011. Mr.A received payment against this invoice in F.Y.2011-2012. What Entry should be made by the end of F.Y.2010-2011 for exchange rate difference & What entry should be made when Payment is received by the Mr.A.
Also,what rate of currency wile be applied by the end to F.y.2010-2011
Shoeb
In export transaction most of time it happens that few export bill are remain to be received from the buyer by the end of financial year. In this case how exchange rate should be provisioned.
Example: During the financial year 2010-2011 Mr. A exported goods of €5000.00. This bill couldn't be received by the end of F.Y.2010-2011. Mr.A received payment against this invoice in F.Y.2011-2012. What Entry should be made by the end of F.Y.2010-2011 for exchange rate difference & What entry should be made when Payment is received by the Mr.A.
Also,what rate of currency wile be applied by the end to F.y.2010-2011
Shoeb
11 June 2011
what rate of currency wile be applied by the end to F.y.2010-2011
REPLY:
WHICH IS MENTIONED ON SHIPPING BILL LEO DATE.
AND ENTRIES RELATED QUIERY LINK IS :-
REPLY:
WHICH IS MENTIONED ON SHIPPING BILL LEO DATE.
AND ENTRIES RELATED QUIERY LINK IS :-
Message likes :
1 times
11 June 2011
https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp
Message likes :
1 times
11 June 2011
THANKS FOR PARTICIPATE IN CA CLUB INDIA.
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
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
