as 11
This query is : Resolved
03 June 2010
please suggest me on correctness of the following trns
date of sale 11/09/09
500 @ 45/$
rate as on 31/03/10 - 48/$
date os receipt of bill 06/06/2010 Rate 46/$
11/09/09
party a/c dr 500*45
to sales 500*45
31/03/2010
part a/c dr 500*(48-45)
foregn Ex gain /loss (CL) 500*(48-45)
06/06/2010
bank a/c dr 500*46
foregn Ex gain /loss (CL)dr 500*(48-45)
to party a/c 500*45+500*(48-45)
to foreign ex gain/loss (PL) (b/f)
with regards
raaj
date of sale 11/09/09
500 @ 45/$
rate as on 31/03/10 - 48/$
date os receipt of bill 06/06/2010 Rate 46/$
11/09/09
party a/c dr 500*45
to sales 500*45
31/03/2010
part a/c dr 500*(48-45)
foregn Ex gain /loss (CL) 500*(48-45)
06/06/2010
bank a/c dr 500*46
foregn Ex gain /loss (CL)dr 500*(48-45)
to party a/c 500*45+500*(48-45)
to foreign ex gain/loss (PL) (b/f)
with regards
raaj
04 June 2010
entries till 31/3/2010 are correct.
on the date of final settlement:
Bank (500*46)
Loss on FOREX (500*2)
To debtor account (500*48)
on the date of final settlement:
Bank (500*46)
Loss on FOREX (500*2)
To debtor account (500*48)
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