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
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Foreign currency accounting
Replies (1)
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
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