Digambar Kundaram (Pune) (65 Points)
12 June 2012Dear all,
If I have booked sale entry in the month of Jan-2012 to customer of outside india in USD, i.e. (USD rate was 39.30)
Sale - 30000 USD (18,00,000 INR)
Service Tax - 3090 USD (185400 INR)
Tota - 33090 USD (1985400 INR)
Now towards this invoice I received payment in the month of May-2012l, Now please tell me How to book entry in the end of the year i.e. on 31st March-2012 and April-2012 too
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 12 June 2012
dear digambar,
you need to revalue the figures of your debtors on 31st march on the basis of exchange rate on such date through foreign exchange differnce A/c and transfer such amount to the p&l a/c. and finally revalue the same debtors on the date of recipt of payment trough the foreign exchange differnce a/c and then receive payment.
cheers
ganesh agarwala
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 12 June 2012
dear digambar,
you need to revalue the figures of your debtors on 31st march on the basis of exchange rate on such date through foreign exchange differnce A/c and transfer such amount to the p&l a/c. and finally revalue the same debtors on the date of recipt of payment trough the foreign exchange differnce a/c and then receive payment.
cheers
ganesh agarwala
CAclubindia
