Please Help: Conversion of USD in to INR
Posted Date : 25-Feb-2016 , 04:24:14 pm | Posted By: Rishab Jain
Category :
Accounts | Answers :
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Comments :
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If Director of company converts 250000inr for 3800 USD for official Foreign Travel Purpose how should i Record the same in Books and if 250 usd balance in hand what should be the treatment in books? |
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| Posted By : Shatrudhan Singh |
25-May-2016, 06:12:57 |
| I Think every day Currency value has change. My question is your firm doing what type of business. then i will you explain. |
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| Posted By : Tanay Jindal |
25-Feb-2016, 08:09:30 |
| According to me
1. for giving payment to Director record it as advance given to director for official exp.
2. when the director returns record all the expenses made by him in $, at the rate on which exp. is done or at the avg rate.
3. and convert the remaining amount into INR and record the same
Please correct me if there is any mistake |
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