how to record purchase in terms of Rs.

This query is : Resolved

sagar (Querist)
Follow

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 ?

CA.Mini

CA.Mini (Expert)
Follow

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)

sagar

sagar (Querist)
Follow

16 July 2010

sagar

sagar (Querist)
Follow

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.

U S Sharma

U S Sharma (Expert)
Follow

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