Export Sale rejection made

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Monil Shah (Querist)
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25 June 2008
Suppose the company have made an export sale in FY 2007-2008 and received the money in dollars in same accounting year.

In FY 2008-09, the company have made another export sale to the above party.

Party has now rejected the goods sold earlier in FY 2007-08 and has deducted the entire export sale amount in dollars in this FY year from the receipt of the another export sale made in the FY 2008-09.

What accounting entry is to be passed in FY 2008-09 as the year FY 2007-08 is already closed?

Whether the foreign exchange gain/loss made in FY 2007-08 needs to be reversed or linked with the gain /loss in FY 2008-09?

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this query still pending?????? plz send me a PM if yes.....

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this query still pending?????? plz send me a PM if yes.....

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