Treatment of foreign exchange for foreign travelling
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2018
Hi,
My Company gives Foreign Exchange to our employees for foreign Travelling for official work.
Suppose I had purchased on 1st April 1000 US$ @ Rs 65/- and gave it to Mr. C and when Mr. C return on 17th April, he returned me back US$ 100 which I returned to Authorized Dealer @ Rs 64.80/-
So how should I record Entries for Foreign Exchange?
Or I should have to sell at Rs 65/- to authorized Dealer and don't record any difference in books?
What if I retain it with myself and then sell it after 6 months or give to another employee for official purpose?
My Company gives Foreign Exchange to our employees for foreign Travelling for official work.
Suppose I had purchased on 1st April 1000 US$ @ Rs 65/- and gave it to Mr. C and when Mr. C return on 17th April, he returned me back US$ 100 which I returned to Authorized Dealer @ Rs 64.80/-
So how should I record Entries for Foreign Exchange?
Or I should have to sell at Rs 65/- to authorized Dealer and don't record any difference in books?
What if I retain it with myself and then sell it after 6 months or give to another employee for official purpose?
29 April 2018
Please account the difference in "foreign exchange difference a/c".
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