if we import purchase of $ 20000 /rs. 80. but when we payment
the party the price of Rs. 50.
then how we make entry of this type of purchase.
Answers were Sorted based on User's Feedback
Answer / sundriyal
purchase a/c Dr. Rs.160000.
Party A/c Cr. Rs.160000.
Payment.
Party A/c Dr. Rs.160000.
Bank A/c Cr. Rs. 100000
Exchange Fluctuation A/c Cr. Rs. 60000.
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / bharathi
When we import machinery from outside India USD 20000 @ INR
80 (at the time of Purchase)
Machinery A/c Dr 1,60,000 Rules (Debit What Comes in)
To Supplier A/c 1,60,000 (Credit the Giver)
(Provisional Entry for Purchase of Machinery A/c)
When We make Payment to the Supplier USD to INR Value 50
Supplier A/c Dr. 1,00,000 Dr. (Debit the Receiver)
To Bank A/c 1,00,0000 (Credit What Goes out)
Supplier A/c Dr. 60,000
To Machinery A/c 60,000
(Adjustments Entry - Being Machinery was purchased usd
20000@ INR80 =1,60,000 Debited towards Machinery A/c but
Actual Cost of Machinery (Remitted Value)=Rs.1,00,000 (i.e
20000 USD @ INR 50) Hence the value which we have entered
reversed now)
Is This Answer Correct ? | 2 Yes | 1 No |
Suppose a person is paid @ Rs.1 Lac Per Month for 2 months by the Owner/Director prior to the Company's incorporation for Managerial work and that person continues to work with the Company . Is the Director liable to deduct TDS on his Employee's Salary before incorporation also? And when the Company is incorporated after 2 months, Is it possible to show this expenses as Pre-incorporation Expenses?.What would be treatment for Salary Paid and TDS Deducted when the Company is incorporated? How will we give TDS Certificate to the Employee at the end of the Financial Year?
WHAT ARE THE MOST ELEMENTS OF YOUR JOB?
What is the general entry for charge on bank overdraft
what will you achieve for the company if you are employed to work
2 Answers ABC, Al Hamra Fort Hotel, Anglo Platinum, Hotel Jobs, Marriott, Total,
Purchase Goods worth rs.1000/ icluding vat of rs 40/ & Service charge receive 1000/ including service charge rs 123.60/ What will be entry in Tally? Please Define me?
What is earning per sahre? how does it impact the share holder?
HOW WE MAKE A RESERVE AND AFTER ITS USE HOW WE NIL IT PLEASE MAKE A PROPER ENTRY.
WHAT IS MIS REPORT IN ACCOUNTS ? WHAT IS ITS USE IN ACCOUNTS & GIVE WITH AN EXAMPLE ?
Suppose you buy a one-year government bond that has a maturity value of Rs.1000. The market interest rate is 8 per cent. (a) How much will you pay for the bond? (b) If you purchase the bond for Rs.904.98, what interest rate will you earn from this investment?
if we have taken Mobile phone for employees use ,can we taken as assests for the company ? then what is the deprecation rate ?
Is it necessary after every journal entry to show its treatment in P&L a/c? Eg. if I am asked to show journal entry of purchasing furniture & fixture on 1st Aug 06, i.e. Furniture & fixture a/c Dr. To cash/bank a/c Along with this, I have to pass following journal entry on 31st Mar 07?? P&L a/c Dr. To Furniture & fixture a/c
On January 20x2, the balances of ABC Ltd's provision of doubtful debt account was $1510. During the year, a total of 3750 of account recievable was written of as bad debts. The balance in the provision for doubtful debts account at 31st Dec was 1450. What is the total amount of bad debt recognised this year?