Hi Experts,
Can anyone help me with entries for below transactions. i have tried to post it as a storyboard, however pls feel to write if you have any questions.
- Started an export business on 1st Jan'12
- 1st Jan'12 started a proprietor business by deposited INR 600000 cash into the bank
- 1st Jan'12 open an FD in the bank of INR 100000, this FD is towards a bank guarantee for the purpose of VAT registration.
- 1 Jan'12 Export Order rcvd worth GBP 4000 (on 1st Jan, the exchange rate of 1 GBP:101 INR, the total order was valued at INR 404000)
- 3 Jan'12 Advance advance initiated by importer GBP 1000
- 4th Jan'12 advance remitted to company's account INR 100000 (assume exchange rate to be 1 GBP : 100 INR)
- 4th Jan'12 bank charges a conversion fee of INR 200
- 5th Advance Paid for pricing the raw material INR 150000
- 9th Jan'12 rcvd the material from the supplier and paid him the balance INR 150000
- 10th Jan'12 procured packing material by paying INR 10000 in case, this cash is proprietor's fund and not withdrawn from company's bank account for payment.
- 11th Jan'12 engaged a transporter for transporting the material to the port and paid him the total amount in advance INR 30000 (INR 27000 transportation + INR 3000 as service tax)
- 15th Jan'12 shipped the material
- 18th Jan'12 sent the documents for collections via bank
- 18th Jan'12 bank charges a fee for courier INR 500
- 21st Jan'12 the importer collects the documents against a payment of GBP 2000
- 22nd Jan'12 the payment of GBP 2000 is remitted to the company's account at an Exchange rate of (1 GBP:102 INR), INR 204000 came to the account.
- 22nd Jan'12 bank charges a conversion fee of INR 200
- 23rd Jan'12 made the payment to customer house agent INR 22000 this includes ( INR 12000 his fee, the customer house agent had also settled the BL (INR 3500+ 500 service tax) and Terminal handling charges (INR 5000+ 1000 service tax)and paid it to the shipping line on my behalf). He gave me a consolidated bill will all amount included in one bill.
- 25th Jan'12 the importer made a payment of GBP 1000 to complete the transaction
- 26th Jan'12 amount remitted to company's account at a conversion rate of (1 GBP: 100 INR)
Regards,
RK