sandeep (Accountant) (111 Points)
06 September 2019What will be the accounting entries for the following transaction.
We have received Import Services Invoice on 07/08/2019 of $30000.00 , for payment CA Prepared 15CA/CB on dtd.04/09/2019 . Payment made from the Bank on dtd. 06/09/2019
Exchange rates on above mention dates
07/08/2019- 71.61
04/09/2019-71.85
06/09/2019-71.61
which exchange rate to be taken for booking Invoice and on which date - considering TDS and GST -RCM Liability.
Awaiting for your valuable views.
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 06 September 2019
Invoice booking date would be 07/08/2019 & GST RCM Liability date will be same with given Rate of Exchange 71.61
Payment date will be 04/09/2019 & excess amount will be booked as Exchange Variation Loss with Rate of Exchange 71.85 But in your case if bank is charging with ROE 71.61 then you have to booked this entry with same rate & no loss will occur.
sandeep
(Accountant)
(111 Points)
Replied 07 September 2019
and what about TDS? shall i deposit tds as mentioned in 15CA/CB or taken invoice value and duduct TDS.
CAclubindia
