|Currency Name||Shortcut Keys|
Entry using foreign currency
- 01/04/2017 sold 100 nos of digital watch to Prism times @$25/nos (invoice no- export/1). The rate of exchange on that date is 64/$. Pass the entry.
- On 02/04/2017, prism time paid $2,500 (ch. No-754210). The bank charges of $50 were incurred and the rate of exchange on that date is 66/$. Display the forex gain/loss from balance sheet and pass an adjustment entry for forex gain of prism time.
- On 01/04/2017 the following goods were purchase from 123 systems Invoice no- 123/045/17-18.
|Particular||Qty (nos)||Rate (£)||Amount(£)|
The rate of exchange is Rs.85/£. Pass the necessary entry.
- On 02/04/2017 the company paid £110 to 123 systems against invoice no- 123/045/17-18. The rate of exchange is 82/£. The bank charges incurred were Rs.500 (corporation bank ch. No-781972).Display the forex gain/loss from balance sheet and pass an adjustment entry for forex gain/loss of 123 system.