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if we import purchase of $ 20000 /rs. 80. but when we payment
the party the price of Rs. 50.
then how we make entry of this type of purchase.
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Answer Posted / bharathi
When we import machinery from outside India USD 20000 @ INR
80 (at the time of Purchase)
Machinery A/c Dr 1,60,000 Rules (Debit What Comes in)
To Supplier A/c 1,60,000 (Credit the Giver)
(Provisional Entry for Purchase of Machinery A/c)
When We make Payment to the Supplier USD to INR Value 50
Supplier A/c Dr. 1,00,000 Dr. (Debit the Receiver)
To Bank A/c 1,00,0000 (Credit What Goes out)
Supplier A/c Dr. 60,000
To Machinery A/c 60,000
(Adjustments Entry - Being Machinery was purchased usd
20000@ INR80 =1,60,000 Debited towards Machinery A/c but
Actual Cost of Machinery (Remitted Value)=Rs.1,00,000 (i.e
20000 USD @ INR 50) Hence the value which we have entered
reversed now)
| Is This Answer Correct ? | 2 Yes | 1 No |
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