Rate Difference entry
This query is : Resolved
09 September 2009
In our creditors books our a/c is debited (means on debit side of our ledger in our creditors books)with rate difference of rs. 3600 when we pass foll entry then only we get our creditors ledger a/c tallied in our books with the one provided by them
entry:::
Rate Difference a/c dr 3600
to creditor a/c 3600
can u plz tell me why so
cant we pass other entry and tally and only this entry tallies it
rate difference in above case is our exp or income
entry:::
Rate Difference a/c dr 3600
to creditor a/c 3600
can u plz tell me why so
cant we pass other entry and tally and only this entry tallies it
rate difference in above case is our exp or income
09 September 2009
Purchase a/c ......dr. (Rate diff.)
Input VAT/ CST.....dr. (Tax on Rate Diff.)
To Creditors A/c (Total Amt.)
Input VAT/ CST.....dr. (Tax on Rate Diff.)
To Creditors A/c (Total Amt.)
10 September 2009
u can enter the entry by cr. note also as-
Purchase a/c ......dr. (Rate diff.)
Input VAT/ CST.....dr. (Tax on Rate Diff.)
To Creditors A/c (Total Amt.)
Narr : Being rate diff for Inv. No.XXXX dtd. XXXXX
Purchase a/c ......dr. (Rate diff.)
Input VAT/ CST.....dr. (Tax on Rate Diff.)
To Creditors A/c (Total Amt.)
Narr : Being rate diff for Inv. No.XXXX dtd. XXXXX
Message likes :
1 times
10 September 2009
Gokul is right.
Pur Dr
Creditor Cr
As mostly it may be because of purchase entry not booked. But this diff should not be there if you are working on a software. On top of that there must have been diff in other account too.
Pur Dr
Creditor Cr
As mostly it may be because of purchase entry not booked. But this diff should not be there if you are working on a software. On top of that there must have been diff in other account too.
Message likes :
2 times
Guest
Guest
(Expert)
10 September 2009
yes
the entry would be
purchase a/c dr
to creditor
but Mr. Somani, if we deemed that purchase entry is not made than how the creditor get stands in her books.
in this case the rate diff. is nothing but the excess cost you would pay for purchase of goods from ur creditor.
the entry would be
purchase a/c dr
to creditor
but Mr. Somani, if we deemed that purchase entry is not made than how the creditor get stands in her books.
in this case the rate diff. is nothing but the excess cost you would pay for purchase of goods from ur creditor.
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