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Case 3

30% Payment of $ 300 made in advance on 10 Feb at the time of booking Order
Goods Imported later of $ 1000 and then Balance $700 payment made
Exchange rate on different dates were as follows

Date  Description Exchange
Rate/$
10-Feb Booking of Order, Advance Payment Made  60/$
14-Feb Date of Goods Entering India  61/$
15-Feb Rate as per Bill of Entry  62/$
16-Feb Date of Goods Entering Factory  63/$
20-Feb Date of Balance Payment  65/$

-a-

10-Feb

MAX LTD USA DR 18000
                  TO BANK 18000

16-Feb

PUR DR 62000
              TO MAX LTD USA 62000

20-Feb

MAX LTD USA DR 45500
            TO BANK 45500

20-Feb

FOREIGN EXCH. FLUCTUATION DR 1500
            TO MAX LTD USA 1500

-ea-

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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