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If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-2014 and paid amount is USD1000 @Rs.64
and posted amount is Rs.64000 on 10-01-2014. Where will go the Rs.2000 amount. And what are all entries.
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Answer Posted / rams@psr
Here is the Journal Entry.
01.01.2014-Invoice-$1000*62=62000
10.01.2014-Payment-$1000*64=64000
Dr Vendor 62000
Dr Exchange Loss 2000
Cr Bank 64000
This 2000 amount will go and stand in Exchange Gain & Loss A/c
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