how to record purchase in terms of Rs.
This query is : Resolved
15 July 2010
suppose some goods has been purchased from china 1000 psc of 10$,out of which 3$ is towards advance payment trfd from indian bank @47 &remaining 7$ @48 how would i record in terms of INR ?
15 July 2010
Purchases a/c ........dr (1000*10*47)
to Sundry creditors(1000*10*47)
Advance to creditors a/c....dr(1000*47*3)
to Bank
Sundry creditors a/c dr(1000*47*7)
Exchange loss on foreign curr a/c dr(1000*(48-47)*7)
to Bank (1000*7*48)
to Sundry creditors(1000*10*47)
Advance to creditors a/c....dr(1000*47*3)
to Bank
Sundry creditors a/c dr(1000*47*7)
Exchange loss on foreign curr a/c dr(1000*(48-47)*7)
to Bank (1000*7*48)
19 July 2010
thanx ms.mini.
that means as soon as we gave advance, at that time we will book the total purchase at rate prevailing on the day we gave advance...
and further fluctuation will effect s.crs a/c only.
that means as soon as we gave advance, at that time we will book the total purchase at rate prevailing on the day we gave advance...
and further fluctuation will effect s.crs a/c only.
19 May 2011
alternate
Advance
Party a/c dr 3*47*1000
bank charges dr
to bank a/c
Realization of bill
on the date of payment
Party a/c dr ........ 7*48*1000
bank charges .. dr
To Bank a/c
on realization of import from customs
Purchase a/c dr
to party a/c
to customs
to C&F charges
to Freight
Advance
Party a/c dr 3*47*1000
bank charges dr
to bank a/c
Realization of bill
on the date of payment
Party a/c dr ........ 7*48*1000
bank charges .. dr
To Bank a/c
on realization of import from customs
Purchase a/c dr
to party a/c
to customs
to C&F charges
to Freight
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