Accounting entries

A/c entries 832 views 2 replies

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  • 10th Jan'12 procured packing material by paying INR 10000 in case, this cash is proprietor's fund and not withdrawn from company's bank account for payment.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

 

Replies (2)

entry of interest, interest payable , about to riceive ,paid ,about to paid ,,,  pl EXPERTS let me know it soon 

 

credit means wht in the book 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register