Pls suggest,
one of our employee going to singapore towards office work, so company has purchased 500 singapore doller and paid Rs.20000/- to third party for money transfer.
Now pls tell me how to make Accounting Entries for this
Digambar Kundaram (Pune) (65 Points)
16 February 2012Pls suggest,
one of our employee going to singapore towards office work, so company has purchased 500 singapore doller and paid Rs.20000/- to third party for money transfer.
Now pls tell me how to make Accounting Entries for this
A learner
(Corporate Accounts )
(345 Points)
Replied 17 February 2012
Presuming there are no charges on the transaction
you have given the foreing currency balance to employee then :
Employee Advance Account Dr.
to WITH 20,000
Bank Account Cr. ( Presuming paid through bank account)
In case Foreign currency Balance is yet in account
Foreign currency balance Dr. ( Group it in Assets)
To WITH 20,000
Bank Account Cr
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
