banner_ad

Foreign Excahnge Gain or loss

This query is : Resolved 
Profile Image

Profile Image

(Querist)
05 August 2008 A company ipmorts a particular software and Hadrware @20,000 USD. As per the terms and condition 50% advance payment is to be made. then he will deliver the goods adn after deliver of goods balance payment is to be made.

on 1/4/7 company pays 10,000$ @40.05.
Rs.4,00,500/-. Hence advance payment entrty is passed.
Goods are received on 9/4/7 and as per Bill of entry rate of exchange is 41.8 per dollar.
on 9/4/7 company booked purchase entry and exchange difference of 0.24paise/-.

When balance payment USD10,000 is paid rate of Exchange is 40.08/- and hence again company booked exchange difference of .03 paise.

Is the compny is right bookimg exchange difference at every stage or it should book excahnge difference for the purchase made but neither the goods are received nor payment is made on 31st march 2008.

Plz.
help
Profile Image

CHEZHIYAN

Profile Image

CHEZHIYAN (Expert)
20 August 2008 the company is right in booking its exchange difference
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
ARTICLESHIP 31 May 2026
CHARTERED ACCOUNTANT ARTICLE ASSISTANT

KPRS And Associates

New Delhi

CA Inter

View Details