Accounting entry of usd transaction in inr

1051 views 2 replies

Sr . Accounts Payable

8 Points Joined May 2016

Hi All,

I have a query it would be great if someone answer me.

A company bought goods of 100 USD ( exchange rate ₹66) at time of purchase.

Now when company made payment to vendor 100USD (exchange rate is ₹67)

Company do the accounting in INR can someone tell me what will be entry for both?

Replies (2)

Nil

2791 Points Joined November 2017

Party account Dr.. 66

Foreign exchage loss Dr. 1

Cash/ Bank 67

(When payment made)

84 Points Joined February 2018

tranfer foreign exchange loss to p&l account

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