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Accounts entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2016 I have taken 2500 US Dollar from State Bank Of India and for the same bank has been debited the relvant amount from my partnership firm, like 2500X68 = 170,000/- and bank charged @ 50 rupaiya ...

So my question is what entry i have to do in my accounts books ..pls help..tks
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2016 still not resolved my query
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Sandeep Dharar

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Sandeep Dharar (Expert)
20 December 2016 For Bank charges u must pass the entry as:-

Bank Charges xxx
To bank xxx

For Dollar Purchase:-

Dollar (current Assets) xxx
To bank xxx

For dollar expend at foreign:-

Travelling Exp. xxxx
To Dollar xxx

If at the time of returning to India balance dollar left unused with u then u will again convert that to Indian currency:-

Bank Dr xxx
To dollar

And same entry for bank charges, as above(for conversion of dollar to inr if applicable).

Note:- Dollar must b treated as cash & cash equivalents, coz this is the money which u r taking with u to foreign. So treat it as cash.
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Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
20 December 2016 For Bank charges u must pass the entry as:-

Bank Charges xxx
To bank xxx

For Dollar Purchase:-

Dollar (current Assets) xxx
To bank xxx

For dollar expend at foreign:-

Travelling Exp. xxxx
To Dollar xxx

If at the time of returning to India balance dollar left unused with u then u will again convert that to Indian currency:-

Bank Dr xxx
To dollar

And same entry for bank charges, as above(for conversion of dollar to inr if applicable).

Note:- Dollar must b treated as cash & cash equivalents, coz this is the money which u r taking with u to foreign. So treat it as cash.
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
20 December 2016 For Bank charges u must pass the entry as:-

Bank Charges xxx
To bank xxx

For Dollar Purchase:-

Dollar (current Assets) xxx
To bank xxx

For dollar expend at foreign:-

Travelling Exp. xxxx
To Dollar xxx

If at the time of returning to India balance dollar left unused with u then u will again convert that to Indian currency:-

Bank Dr xxx
To dollar

And same entry for bank charges, as above(for conversion of dollar to inr if applicable).

Note:- Dollar must b treated as cash & cash equivalents, coz this is the money which u r taking with u to foreign. So treat it as cash.
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
20 December 2016 For Bank charges u must pass the entry as:-

Bank Charges xxx
To bank xxx

For Dollar Purchase:-

Dollar (current Assets) xxx
To bank xxx

For dollar expend at foreign:-

Travelling Exp. xxxx
To Dollar xxx

If at the time of returning to India balance dollar left unused with u then u will again convert that to Indian currency:-

Bank Dr xxx
To dollar

And same entry for bank charges, as above(for conversion of dollar to inr if applicable).

Note:- Dollar must b treated as cash & cash equivalents, coz this is the money which u r taking with u to foreign. So treat it as cash.

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