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Import export


RAMIZ MALEK (ACCOUNTANT)     02 July 2020

RAMIZ MALEK
ACCOUNTANT 
 1 likes  39 points

| My Other Post

I have thousand dollar invoice at Price of $75.
now i received $1000 payment from party in my EEFC account.

Now i have one import payment an amount of $1000.
So I did payment $1000 against import.

now
my Query is
what amount i credited against my export invoice??
Any Unadjusted gain/loss will effect??

Please Suggest????

prasad Nilugal (Accountant and GST Practitioner . )     02 July 2020

prasad Nilugal
Accountant and GST Practitioner .  
 314 likes  4709 points

View Profile | My Other Post

you have  to credit  actual amount  received  along  with   foreign  exchange  gain  for  export sale  payment  received   entry will  be 

1)  Bank                 A/c      Dr 

     To Sundry  Debtors                 A/c       Cr 

     To  Foreign  exchange gain    A/c       Cr 

(  being  payment  received  against  export  sale  ) 

 

2)  Gain  will be  transfer  to P&L account  

     Foreign  Exchange Gain            A/c          Dr 

     To  Profit  & Loss                       A/c          Cr 

( Gain  transfer  to  P&L ) 

if   foreign  exchange  loss   oppsit   entry  in the  books of accounts . 

please  confirm with others also . 


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