Entry for purchase of foreign exchange
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
when foreign currency purchased how is it recored in books of ac?
eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___
is above entry is coorect to pass in books of accouont?
eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___
is above entry is coorect to pass in books of accouont?
10 March 2012
When you have purchased foreign currency; it means you hold it now in your cash box.
.
Right ?
.
To purchase such currency you have paid through bank.
.
Right ?
.
Follow the following accounting rules :
.
Debit what comes and Credit what goes out.
.
Debit the receiver and Credit the giver.
.
Now pass the required entries into your books applying the above rule.
.
Right ?
.
To purchase such currency you have paid through bank.
.
Right ?
.
Follow the following accounting rules :
.
Debit what comes and Credit what goes out.
.
Debit the receiver and Credit the giver.
.
Now pass the required entries into your books applying the above rule.
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