Siddharth Kotecha (62 Points)
30 April 2021
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 01 May 2021
Export of 5000 Qnt
Entries will be for Export
1) Export Sales A/c Dr 350000/-
To Trade Debtors A/c Cr 350000/-
( Boking entry rate of Dollar @ 70=1 rupee , 50000 70 = 350000/- date 1/4/2021 )
2) When you received payment form foreign party
Bank A/c Dr 370000/-
To Trade Debtors A/c Cr 370000/-
( Receipt of Payment entry Dollar @ 74=1 rupee , 5000 74 = 370000/- date 15/4/2021 )
3) So we have foreign exchane gain , entry will be
Trade Debtors A/c Dr 20000/-
To Exchange Gain A/c Cr 20000/-
( Being exchage gain adjusted on 30/4/2021 )
4) Exchange gain transfer to profit & Loss
Exchange Gain A/c Dr 20000/-
To Profit & Loss A/c Cr 20000/-
( Transfer of Gain )
So in Tally Exchange gain will be calculated and adjusted at same time will be transfer to P&L
Exchange Gain A/c will be under Indirect Income P&L Account , if loss then will be under indriect Expense
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