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Import related query
We have import material from other country while making payment dollar rate was arnd Rs 70.55 and while BOE dollar rate was 72.55 , i want to conform that in which rate should i do entry in my books because customs duty and IGST i paid on the landing rate of dollar , how should i do accounting for the same
Replies (1)
initial entry to be booked at BOE$ rate.exchange diff at the time of settling payment to be booked as gain or loss and. transferred to p& l
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