Foreign currency change

In case of exchange loss:

Exchange fluctuation A/c Dr.

                To Party A/c

In case of exchange gain:

     Party a/c                Dr.

               To Exchange Fluctuation A/c

Plz correct me if m wrng

sir we have paid to this party by ch and dollar taken than what will be entry...........

3000USD @ 44.85/-   dated 18.07.11

You can directly debit the amount to the head of expenditure for vch you hav purchased dollars,,e.g. travelling(foreign) a/c

thanks sir

one more thing sir.......i m PG .can i take admission directily in ipcc?

alternatively, u can open a new a/c "Foreign currency in hand" nd debit the amount of dollars recd in dat a/c and then gradually credit the same as and when exp is incurred.

plz correct me if m wrng

Originally posted by : sachin
	one more thing sir.......i m PG .can i take admission directily in ipcc?

DIRECT ADMISSION DECISION IS YET TO BE APPROVED BY GOVERNMENT