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Purchase & payment import

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 June 2014 Dear Sir,

I have three queries please guide me

1. Purchase import $ 100, Item 100 Pens ($1 = Rs. 50)

2. Payment of above Transacion than $1 = Rs. 45

3. What is Closing Stock Entry. how to pass Stock Journal Entry
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Vishnu Saboo

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Vishnu Saboo (Expert)
12 June 2014 Closing stock must be valued at Cost or market value, whichever is lower.
impact of same to be debited/credited in increase/decrease in stock value account.

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