Forex accounting entries in india. Dear Friends I want to know about what is the Head of Account in Tally for Foreign Exchange gain is it Indirect income and then Foreign Exchange Loss is it Indi.

Forex accounting entries in india

Foreign Currency Transaction - Lecture - 1 - Introduction

Forex accounting entries in india. GBP = *99 = INR 21, Loss = (INR ) Accounting entries then required would be- For gain. Dr. Supplier 20, Cr. Bank 19, Cr. ForEx Gain For loss. Dr. Bank 21, Dr. ForEx Loss Cr. Customer 22, Final position of all accounts in the General Ledger will be- Purchase 20, Bank 2,

Forex accounting entries in india


You need to be the querist or approved CAclub expert to take part in this query. Click here to login now. Alternatively, you can log in using: Registered members get a chance to interact at Forum, Ask Query, Comment etc. Accounting of foreign exchange transactions This query is: Suraj Querist Follow 26 June Request you all to guide me.

B purchases and sells goods in dollar currency. A Dr Rs. Say, rate available on is Rs. A in rupee terms. So, the entry will be: A will be Rs. We receive the payment on Rate on is say Rs.

Suppose, there are two entries in this account. Bank commission is ignored i. To match the bank balance as on , we have to show this as closing balance in rupee terms on Therefore we will convert this at rate as on and if same is not available on 31st March then as on is it correct?? Or as on say rate is We will pass journal entry for this as.

Also share your views about accounting of foreign exchange transactions. For closing rate you can consider a day prior if the last day is holiday. Click here to login now Similar Resolved Queries: Freight expenses paid It returns Itc Audit in case of partnership firm Income tax head Itr not submitted to cpc bangalore after filling online.

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