Foreign Exchange Fluctuation Loss
This query is : Resolved
17 December 2010
Suppose we purchased a material from outside india @ USD 25 and exchange rate was 45 at that time but at the time of making payment the rate of USD went upto Rs. 46 per $, so how this should be treated in accounts, what will be the accounting entry that is to be passed.
18 December 2010
While booking purchase :
Purchase A/c....Dr. 1125
To Creditors A/c 1125
While making payment Entry will be :
Creditors A/c...Dr 1150
To Bank A/c 1150
Forex Fluctuation A/c...Dr 25
To Creditors A/c 25
Purchase A/c....Dr. 1125
To Creditors A/c 1125
While making payment Entry will be :
Creditors A/c...Dr 1150
To Bank A/c 1150
Forex Fluctuation A/c...Dr 25
To Creditors A/c 25
20 December 2010
Purchase a/c dr 1125
to creditor a/c 1125
creditor a/c 1125
currency / forex fluction a/c 25
to bank 1150.
to creditor a/c 1125
creditor a/c 1125
currency / forex fluction a/c 25
to bank 1150.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
