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Netting-off foreign transaction by Journal Entry

This query is : Resolved 
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(Querist)
15 March 2009 Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
15 March 2009 no
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