Please Help: High seas sales and import purchase
Posted Date : 23-Feb-2013 , 02:50:46 pm | Posted By: HARSH JAIN
Category :
Accounts | Answers :
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Comments :
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Sir,
I have purchases Marble Blocks from Italy
Date of Invoice is 21.07.2012 Exchange Rate 69.30
Date if B/L is 29.07.2012 Ex. Rate 68.40
Date of B/E is 05.08.2012 Ex. Rate 71.40
in which date and foreign currency rate should adopt for the purpose of accounting entries and what should be the accounting journal entries
please also explain if we sold the goods high seas basis on date 30.07.2012 than in which date we should adopt foreign currency rate
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| Comments |
| Posted By : Saurabh Kaushik |
19-Mar-2013, 06:56:17 |
| rate mentioned by custom deptt on shipping bill |
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| Posted By : Riyaz Ahmad |
25-Feb-2013, 01:39:01 |
| Journal Entries
1.At the time of Purchase
Purchase A/C Dr. 69.30
To party name 69.30
2. At the time of payment ( If Exchange rate as on 29.07.2012 is Rs. 68.40)
Party name Dr. 69.30
To Bank A/C 68.40
To Exchange Gain 0.90
3. If Exchange rate is Rs. 71.40 then loss trf to foreign exchange loss A/C
Party Name A/C Dr. 69.40
Foreign Exchange Loss A/C Dr. 2.00
To Bank A/C 71.40
4. At the time of sale of goods purchase value should be consider at the rate of Rs. 69.40 |
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