Export Sale Journal Entry
This query is : Resolved
Tarun Goyal
(Querist)
14 April 2011
R/Sir,
Greeting of the day !
We are the expoter of readymade garments. Please tell me how to make export sale entry & what is rate of usd should be taken for the same .How would we treet the fluctuation of forigen exchange.
Thanks in advance for your immediate action for the same.
Greeting of the day !
We are the expoter of readymade garments. Please tell me how to make export sale entry & what is rate of usd should be taken for the same .How would we treet the fluctuation of forigen exchange.
Thanks in advance for your immediate action for the same.
RAMESH KUMAR VERMA
(Expert)
15 April 2011
Customer Account Dr
Revenue exports Cr
The realisation of export sales will be directly credited to the bank. The accounting entries will be as follow:
Bank Dr
Customer Cr
Exchange Fluctuation Dr/ Cr
The accounting entries will be:
Rebates/Discounts Dr
Customer Cr
as per provision laid down by DGFT exchange rate will be applicable which is mentioned on shipping bill / bill of entry.
regards,
Revenue exports Cr
The realisation of export sales will be directly credited to the bank. The accounting entries will be as follow:
Bank Dr
Customer Cr
Exchange Fluctuation Dr/ Cr
The accounting entries will be:
Rebates/Discounts Dr
Customer Cr
as per provision laid down by DGFT exchange rate will be applicable which is mentioned on shipping bill / bill of entry.
regards,
Tarun Goyal
(Querist)
26 May 2011
thankyou sir for your reply
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