Forex accounting

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Student CA Final
286 Points Posted on 12 June 2018

Client have made advance payment for EURO 5000 @ rs.80  and accounted the same as advance to suppliers. 

Then, invoice is received for the same 5000 euros .. On that date euro rate is 81.. Should the entry be passed for 80 or 81? please give all entries. 

Thanks in advance.

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On 12 June 2018 at 10:42 Report
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Article assistant
24 Points Posted on 12 June 2018
book purchase for 80. Thats it
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On 12 June 2018 at 14:15
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student
127 Points Posted on 17 June 2018
no book purchase at rs. 81 and rs. 1 as forex gain
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On 17 June 2018 at 23:42

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