Import of machinery and loss on foreign exchange
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2018
Dear Sir/Madam,
I have query that we have bought machinery from china @ USD 21000. we have done payment in two different install, when we paid first amount USD-5,502 that time $ value is Rs. 64.37 and second installment we have paid USD-15498 @ Rs.64.86 per dollar.
but in Bill of Shipment we have received machinery of USD- 21000 @ Conversion Rs. 64.50 per dollar. Now tell me that what will be journal entry for that transaction and what will be amount in foreign exchange loss. its Urgent.
Thank You
I have query that we have bought machinery from china @ USD 21000. we have done payment in two different install, when we paid first amount USD-5,502 that time $ value is Rs. 64.37 and second installment we have paid USD-15498 @ Rs.64.86 per dollar.
but in Bill of Shipment we have received machinery of USD- 21000 @ Conversion Rs. 64.50 per dollar. Now tell me that what will be journal entry for that transaction and what will be amount in foreign exchange loss. its Urgent.
Thank You
23 August 2018
Loss of foreign exchange is 15498*0.36=5579.28 charge it to p and l account as foreign currency loss.
Journal entry.
Debit foreign currency loss
To bank account credit.
Journal entry.
Debit foreign currency loss
To bank account credit.
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