Forward Cover Entries its urgent Sir!!!
This query is : Open
03 August 2010
Dear Experts,
I have put this query sometime before too..but it is not being replied thats why i have again posted here because that question may not be viewable now by the experts.
Please tell me how i have to pass while entering in a Forward Contract and honouring that forward contract.
With regards,
Rajesh
I have put this query sometime before too..but it is not being replied thats why i have again posted here because that question may not be viewable now by the experts.
Please tell me how i have to pass while entering in a Forward Contract and honouring that forward contract.
With regards,
Rajesh
12 August 2010
1.09.2010
Goods worth 100 Euro purchased and payment to be settled on 31.01.2011 under forward contract.spot rate is 60 and forward rate is 62.
Entry at the date of purchase,
1.Inventory Debit 6000
To Accounts Payable 6000
Entry at the date of settlement,31.01.2011
2. Exchange Loss Dr 200
To Accounts Payable 200
3.Accounts Payable Dr 6200
To BAnk 6200
More opinion is solicited.
1.09.2010
Goods worth 100 Euro purchased and payment to be settled on 31.01.2011 under forward contract.spot rate is 60 and forward rate is 62.
Entry at the date of purchase,
1.Inventory Debit 6000
To Accounts Payable 6000
Entry at the date of settlement,31.01.2011
2. Exchange Loss Dr 200
To Accounts Payable 200
3.Accounts Payable Dr 6200
To BAnk 6200
More opinion is solicited.
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