If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-20

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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If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-2014 and paid amount i..

Answer / 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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If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-2014 and paid amount i..

Answer / himanshu

1.4.14.purchase A/c Dr. 62000
To Vendor A/c. 62000

10.01.15. Vendor A/C Dr. 64000
To bank A/c. 64000

10.01.15 Forex Gain/Loss Dr. 2000
To Vendor A/C 2000

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3 Yes

1 No

If invoice amount is USD 1000 @Rs.62 and directly posted at Rs.62000 on 01-01-2014 and paid amount i..

Answer / sagar_sap

On 01.01.2014 Purchase Entry

Purchase A/c Dr 1000 USD @ 62 Rs. 62000.00
Vendor A/c Cr 1000 USD @ 62 Rs. 62000.00

On 10.01.2014 Payment Entry

Vendor A/c Dr 1000 USD @ 62 Rs. 62000.00
Exchange Loss A/c Dr 1000 USD @ 2 (64-62)Rs. 2000.00
Bank A/c Cr 1000 USD @ 64 Rs. 64000.00

Rs. 2000.00 goes to Exchange Loss A/c and it's debited to Profit & Loss Account.

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0 No

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