Buy Foreign Currency EURO and sale

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Daya (Querist)
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05 July 2023 In India Buy 2000 EURO For Rs. and expenses incurred for Tour and travelling 1730 and 270 return to money exchanger my question is that how to make Journal entry of both payment and sale and whether whether foreign exchange Flu cation required in the case of individual not going for official Visit.

Asha Kanta Sharma online

Asha Kanta Sharma

(Expert)
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20 August 2023 1. Cash in Hand (INR) - DR - XXXX
Cash in Hand 9EURO) - CR - 2000

2. Tour and Travel Exp - Dr. - 1730
Cash in Hand (INR) - Cr 1730

3. Cash in Hand (INR) -Dr - 270
Cash in Hand (EURO) - Cr - XXXX
Foreign Exchange Loss - DR
Foreign Exchange Loss - CR