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on 01/04/2009 Goods sold to Mr."A' on Credit at $ 1000.
Exchange Rate :- 01/04/2009..........$50.00 at payment Date
Exchange Rate :- 01/05/2009..........$48.00
What is Journal Entry..?
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Answer Posted / bhavna
At the Time of Sale:
A's A/c Dr. 50000
To Sales A/c 50000
(Being Amt due towards sale of goods @$50 for $1000.)
At the Time of Payment:
Cash/Bank A/c Dr. 48000
Forex P&L A/c Dr. 2000
To A's A/c 50000
(Being Amt received against sale of $1000 goods @ $48)
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