Our Company received an advance of Euro 1056 on 24th May (Euro 1 = Rs. 60) for goods to be exported. The goods were invoice on 8th Oct for Euro 2989 (Euro 1 = Rs. 59.90). The buyer make payment of Euro 1889 on 12th Oct. (Euro 1 = Rs. 61.65). We have still pending Euro 44 towards the buyer. What will be the forex gain/loss in the above transactions?
Menu
Forex Gain/Loss
Replies (5)
it is current account fluctuation which shall be directly adjusted to p/l so there shall be no need tocalculate it separately
| Originally posted by : Shamita | ||
 |
Our Company received an advance of Euro 1056 on 24th May (Euro 1 =60) for goods to be exported. The goods were invoice on 8th Oct for Euro 2989 (Euro 1 =59.90). The buyer make payment of Euro 1889 on 12th Oct. (Euro 1 =61.65). We have still pending Euro 44 towards the buyer. What will be the forex gain/loss in the above transactions? |
 |
There would be a forex gain of approx. Rs.1937
|
|
||
|
|
||
Dear phanindra,
Can you please post the calculations you made for the above problem.
warm regards,
Rishabh
gain of Rs.3,411.35.
(61.65-59.90 * 1889) and (60-59.9*1056)
| Originally posted by : rishabh | ||
|
|
Sale value 2989*59.9 =1,79,041 Advance received 1056*60 =63,360 Second receipt 1889*61.65 = 1,16,457
Balance receivable 44*61.65 = 2,713 Net gain= 63,360+1,16,457+2,713 -1,79,041 =3,489 The gain changes to the extent of forex changes as on closing date because of the balance receivable.
|
|
Recent Topics :
- TDS on Property Purchase Paid
- Cash Purchase Above ₹10,000, ITR/40A(3) Trea
- TDS on dividend to non resident shareholders
- Best CA Inter classes in Laxmi Nagar for Group 1?
- Gst refund
- Compliance under Society Act 1860
- Hi experts need help
- How to object stamp duty value if property is sold
- Residential House property and it's loan can shown
- Income Tax Department Website Error While Importin
Related Topics :
CAclubindia
