Case 5A

30% Payment of $ 300 made in advance on 10 Feb at the time of booking Order
Goods Imported later of $ 1000 . 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/$

Balance Payment not yet made till 31 March (Balance Sheet Date)

View Answer

Case 5B

Suppose balance payment of $ 700 actually made on 5 April when the exchange rate was Rs 64/$

View Answer

  1. Accounts and Finance
  2. Step 2 Passing Routine Entries

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.