Hello,
My query is related to exchange rate.
how to book exchange in Africa region book keeping where exchnage rate is fluctuating rapidly.
For eg: exch rate 01.01.2023 - 6/ usd and Exch rate 31.12.23- 12/usd.
this way, if m booking forex then its showing huge forex loss in books.
Which is best website for exchange rate.
I am converting only Balance sheet items like Foreign Creditors/Debtor and USD Bank Loan.
Is this correct way?
Second) Same way Land which was also bought in USD on 31.12.22 @6, can i book exchange rate on this land also? or only way is revaluation?
we have done revaluation in May 2024, but I want to take the revaluation as on 31.12.23. is it possible?
Thanks in Advance
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Sir
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thanking you
Please confirm if following entry is correct on RCM:
Expenses A/c Dr 10,000
Input CGST Dr 900
Input SGST Dr 900
Party A/c Cr 10,000
Output SGST Cr 900
Output CGST Cr 900
Exchange Rate for foreign country accounting