12 August 2021
My client has Import Purchases from England and the purchase bill is in Pound currency. I have entered Purchase in INR as per Bill of Entry from Customs. We have paid Rs. 9,75,000 (lumpsum pounds) to England supplier and the Purchase is Rs.10,00,000 as BOE. Therefore how to adjust this diference of 25,000(10lakhs - 975,000) ? pl guide.
13 August 2021
Dear Seetaramji, When i make payment to supplier I Debit d England party Rs.9,75,000. In Purchase entry .... I Credit the England party for Rs.10,00,000. so there is difference of 25000 Dr balance in ledger of England supplier. We have paid in full and the balance should be Nil, how to adjust Rs.25k.
CAclubindia
