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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 / 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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