Accounting entry

i am doing job as an accountant in Air travel agency in india. i want help for accounting entry for transaction detail as billow

We have purchased singapre tour package (hotel booking & transfer + sightseeing) from travel agency from singapore. now travel agent in singapre have issued invoice to us in SGD Currency.

To pay to travel agent in singapore we make payment to a Foreign exchange service provider in india. and foreign exchange service proviider has transfered SGD in to the bank account of travel agent in Singapore.

please advise me accounting entry.

Thanking You

 

Replies (5)

 Follow As-11

i hope here 3 entries involved
1. bill booking of agent in INR
2. payment entry to agent
3. payment entry of foreign exchange service provider and exchange fluctuations if exists

Provide us with $ amounts.

1 Expense gl a/c dr
Agent a/c cr

2 Agent a/c dr
foreign exchange service provider cr

3 foreign exchange service provider dr
forex conversation charges dr
exchange loss dr
bank a/c cr
exchange gain cr

aboveis general accounting format apart from above GST rcm import of service and tds also apply payment to foreign service provider
I am joking in travelling and tourism I need to do accounting also my qualification is 12 th + B com beginning only

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