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Foreign exchange entries

This query is : Resolved 
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(Querist)
01 October 2014 Hi,Dear All
My company is a event co.so,
we buy the foreign dollars from Forex co.for event in foreign countries.for event expenses incurred there.
so,how to make the entries & foreign gain/loss? pls guide & show me solution wise.
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CA Ashish Lodha

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CA Ashish Lodha (Expert)
03 October 2014 on Purchase

Purchase Dr. 5000 ($100*50)
to Creditor Cr. 5000

while payment ex rate $1=Rs.51

Creditor Dr. 5000
FX loss Dr. 100
to Bank Cr. 5100

while payment ex rate $1=Rs.49

Creditor Dr. 5000
To Fx Gain 100
To Bank 4900
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