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PURCHASE IN FOREIGN CURRENCY

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2010 A IMPORTER PURCHASE GOODS WORTH $100.

AND IF TO THE PARTY SUPPOSE ADVANCE PAYMENT MADE BEFORE 6 MONTHS OF $150,
AND EXCHANGE RATE AT TIME OF ADVANCE PAYMENT IS 47.

AND WHEN PURCHASE THEN AT THAT TIME EXCHANGE RATE WAS RS. 49/-

AND BILL OF ENTRY EXCHANGE RATE TAKEN 48.5/-

THEN IN PURCHASE ACCOUNT WHICH EXCHANGE RATE TO BE TAKEN.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2010 NO ONE IS HERE TO ANSWER MY QUERY?
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sachin alwadhi

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sachin alwadhi (Expert)
17 August 2010 48.5
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 August 2010 and if advance payment at rate 47. then the difference is foreign exchnage gain.
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sachin alwadhi

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sachin alwadhi (Expert)
18 August 2010 yes

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