Dear all,
While doing GRN 100 units for import PO the exchange rate is Rs.50 for $.
The accounting entry is
Stock A/C Dr 100*50 5000
Provision A/c Cr 5000
at the time of MIRO the exchange rate is Rs.55 for $.
The required entry should be
Provision a/c Dr 100*50 5000
exchange fluctuation a/c Dr 100*5 500
Vendor a/c Cr 5500
Regards,
Shivaji