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Accounting entry

vishal (accountant) (21 Points)

28 February 2019

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

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5 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 28 February 2019

Follow As-11

manikanta swamy daram (13 Points)
Replied 01 March 2019

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

1 Like

Manu Singh (Student) (3 Points)
Replied 01 March 2019

Provide us with $ amounts.

manikanta swamy daram (13 Points)
Replied 02 March 2019

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