Case 4A

First Goods Imported, then Payment Made
Goods imported $ 1000 from Max Ltd,USA.

Date Descripton Exchange
10-Feb Booking of Order 60/$
14-Feb Date of Goods Entering India 61/$
15-Feb Rate as per Bill of Entry 62/$
16-Feb Date of Goods Entering

Payment not made till Balance Sheet date 31 March

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Case 4B

Suppose payment actually made on 5 April when the exchange rate was Rs 64/$

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.