PURCHASE IN FOREIGN CURRENCY

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2010 A IMPORTER PURCHASE GOODS WORTH $100.

AND IF TO THE PARTY SUPPOSE ADVANCE PAYMENT MADE BEFORE 6 MONTHS OF $150,
AND EXCHANGE RATE AT TIME OF ADVANCE PAYMENT IS 47.

AND WHEN PURCHASE THEN AT THAT TIME EXCHANGE RATE WAS RS. 49/-

AND BILL OF ENTRY EXCHANGE RATE TAKEN 48.5/-

THEN IN PURCHASE ACCOUNT WHICH EXCHANGE RATE TO BE TAKEN.

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2010 NO ONE IS HERE TO ANSWER MY QUERY?

17 August 2010 48.5

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 August 2010 and if advance payment at rate 47. then the difference is foreign exchnage gain.

18 August 2010 yes


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