Case 1
Goods imported $ 1000 from Max Ltd,USA.
Exchange rate on different dates were as follows
| Date | Descripton |
Exchange
Rate/$ |
| 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
Factory |
63/$ |
| 20-Feb | Date of Payment | 65/$ |
Pass Entry for Purchase of Goods and Payment
View answer
16-Feb
PUR DR 62000
TO MAX LTD USA 62000
20-Feb
MAX LTD USA DR 65000
TO BANK 65000
20-Feb
FOREIGN EXCH. FLUCTUATION DR 3000
TO MAX LTD USA 3000