Foreign exchange entries
This query is : Resolved
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.
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.
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
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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