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15ca /cb exchange rate


sandeep (Accountant)     06 September 2019

sandeep
Accountant 
 5 likes  106 points

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What will be the accounting entries for the following transaction.

We have received Import Services Invoice on 07/08/2019 of $30000.00 , for payment CA Prepared 15CA/CB on dtd.04/09/2019 . Payment made from the Bank on dtd. 06/09/2019

Exchange rates on above mention dates

07/08/2019- 71.61

04/09/2019-71.85

06/09/2019-71.61

which exchange rate to be taken for booking Invoice and on which date - considering TDS and GST -RCM Liability.

Awaiting for your valuable views.

 

 

 

 

 

 

 

avater

Kumar Sushank (Asst. Manager - Accounts & Taxation)     06 September 2019

Kumar Sushank
Asst. Manager - Accounts & Taxation 
 70 likes  968 points

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Invoice booking date would be 07/08/2019 & GST RCM Liability date will be same with given Rate of Exchange 71.61

Payment date will be 04/09/2019 & excess amount will be booked as Exchange Variation Loss with Rate of Exchange 71.85 But in your case if bank is charging with ROE 71.61 then you have to booked this entry with same rate & no loss will occur.                                                                                                                                                                                

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avater

sandeep (Accountant)     07 September 2019

sandeep
Accountant 
 5 likes  106 points

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and what about TDS? shall i deposit tds as mentioned in 15CA/CB or taken invoice value and duduct TDS. 


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