Sir, As per convention of conservatism concept we can book all anticipated losses but not gain,but in this foreign exchange case how can we book anticipated gain in books? Please guide us.
We export on 100% advance basis. 50,000 $ Received. 30,000$ invoice send. Financial year ends. USD price is increasing against INR. Now 20,000 USD invoice will be sent in next financial year. So how to book forex gain at current year end.
You have to reinstate remaining balance as on 31st Mar 2021 and take the impact in books and then the day when you realized actual gain or loss you have to reversed the earlier one and book the actual. Thanks.
@@AccountsGurukul partially understood Sir. Can you please make video at this case. Please. It'll be helpful because it is most common and practical situation for exporter in India. 🙏
when we purchased machinery @11500 euro at that time 81rs per euro . and aftr one year when we paid at that time the euro is 91rs.so the loss of exchange is transferred to p&l or not ? pls tell me sir ?
Thanx sir
Its our pleasure. Thanks a lot.
It's really useful
Thanks a lot for the kind words.
Thanks a lot for your efforts.. kindly provide journal entries
Refer below link.
ua-cam.com/video/AVRqBbaRCBY/v-deo.html
Thanks a lot.
Sir,
As per convention of conservatism concept we can book all anticipated losses but not gain,but in this foreign exchange case how can we book anticipated gain in books?
Please guide us.
Irrespective either its gain or loss we have to book on it on unsettled foreign balances. Thanks a lot
Best😊
Thank you so much for your support.
Thank you for the kind words.
We export on 100% advance basis. 50,000 $ Received. 30,000$ invoice send. Financial year ends. USD price is increasing against INR. Now 20,000 USD invoice will be sent in next financial year. So how to book forex gain at current year end.
You have to reinstate remaining balance as on 31st Mar 2021 and take the impact in books and then the day when you realized actual gain or loss you have to reversed the earlier one and book the actual. Thanks.
@@AccountsGurukul partially understood Sir. Can you please make video at this case. Please. It'll be helpful because it is most common and practical situation for exporter in India. 🙏
Just confirm that either you are doing export of goods or export of services?
@@AccountsGurukul export of goods Sir. I don't know how to do correct Enteris in this situation in my tally...! That's why im asking you 🙏
Don't worry..... Will help you out. last question are you using tally prime or erp tally?
when we purchased machinery @11500 euro at that time 81rs per euro . and aftr one year when we paid at that time the euro is 91rs.so the loss of exchange is transferred to p&l or not ?
pls tell me sir ?
Yes that is realized loss and you have to transfer the same to profit and loss account. Thanks
And machinery value is increase or not ?
Ese kahaan likha hai thoda btaayengye aap ?
No its our realized loss and no any impact on assets value.
Would request to pls refer AS 11 and IND AS 21
Hi Sir, Can you please teach SAP fico module.
Sorry we don't have SAP as of now. If anything need related to quick books, tally, zoho we can.