Our Company received an advance of Euro 1056 on 24th May (Euro 1 = Rs. 60) for goods to be exported. The goods were invoice on 8th Oct for Euro 2989 (Euro 1 = Rs. 59.90). The buyer make payment of Euro 1889 on 12th Oct. (Euro 1 = Rs. 61.65). We have still pending Euro 44 towards the buyer. What will be the forex gain/loss in the above transactions?
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Forex Gain/Loss
Replies (5)
it is current account fluctuation which shall be directly adjusted to p/l so there shall be no need tocalculate it separately
| Originally posted by : Shamita | ||
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Our Company received an advance of Euro 1056 on 24th May (Euro 1 =60) for goods to be exported. The goods were invoice on 8th Oct for Euro 2989 (Euro 1 =59.90). The buyer make payment of Euro 1889 on 12th Oct. (Euro 1 =61.65). We have still pending Euro 44 towards the buyer. What will be the forex gain/loss in the above transactions? |
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There would be a forex gain of approx. Rs.1937
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Dear phanindra,
Can you please post the calculations you made for the above problem.
warm regards,
Rishabh
gain of Rs.3,411.35.
(61.65-59.90 * 1889) and (60-59.9*1056)
| Originally posted by : rishabh | ||
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Sale value 2989*59.9 =1,79,041 Advance received 1056*60 =63,360 Second receipt 1889*61.65 = 1,16,457
Balance receivable 44*61.65 = 2,713 Net gain= 63,360+1,16,457+2,713 -1,79,041 =3,489 The gain changes to the extent of forex changes as on closing date because of the balance receivable.
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