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?
Party account Dr.. 66
Foreign exchage loss Dr. 1
Cash/ Bank 67
(When payment made)
Chirag N Shah & Associates
Mumbai
CA Inter
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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CAclubindia
