Question

A trader entered into following transactions His accounting year ends on 31st March every year.

Date	Particulars
10th June 2014	Goods worth $ 10,000 exported to G Company of Germany
20th June 2014	Payment received from G company $ 10,000
16th August 2014	Raw materials imported for $ 5,000 from S Company of South Korea.
31st August 2014	Payment-of$. 5,000 made to S Company of South Korea.
10th Oct. 2014	Payment of $ 20~000' was received from SA of South Africa as advance.
15th Oct. 2014	Goods exported to SA of South Africa.
3'rd Nov 2014	A machine worth $ 12,000 imported from UK industries of UK.
15th Nov 2014	Payment of$ 6,000' made to UK industries. of UK.
15th Dec 2014	Payment of $ 6;000 made to UK industries ofUK .
15th Jan 2014	Exported goods to BK industries of Bangladesh worth $ 2,000.
15th March 2014	Imported machinery worth$ 10,000 from GK of Germany

Exchange rate of $ 1 as follows :

10th June 2014                46.75
20th June 2014                46.50
16th August 2014              48
31 51 August 2014            48.50
10 th October 2014           48.75
15th October 2014              49
3rd November 2014          48.60
15th November 2014        48.70
15th December 2014         48.40
15th January 2015              49
15th March 2015             49.50
31st March 2015                50
Give entries in the books of trader.

Answer 1

Journal Entries
In the Books of Trader

Date	Particulars	L.F	Debit	Credit
2014-15 10th Jun	G Company A/C ($ 10,000 x 46.75)          Dr.		4,67,500
	To Sales A/C			4,67,500
	(Being goods sold to G Company)
20th June	Bank A/C ($ 10,000 x 46.50)                Dr.		4,65,000
	FEF A/c              Dr .		2,500
	To G Company A/c			4,67,500
	(Being amount received from G Co.)
16th Aug.	Purchase A/c ($ 5,000 x 48)                      Dr		2,40,000
	To S Company A/c			2,40,000
	(Being raw materials purchased from S company)
31st Aug.	S Company A/c ($ 5,000 x 48)         Dr.		2,40,000
	FEF A/c               Dr.		2,500
	To bank A/c ($ 5,000 x 48.50)			2,42,500
	(Being amount paid to S company)
10thOct.	Bank A/c ($ 20,000 x 48.75)              Dr.		9,75,000
	To SA A/c			9,75,000
	(Being advance payment received from SA of South Africa)
15th Oct.	SA A/c ($ 20,000 x 48.75)                Dr.		9,75,000
	FEF A/c               Dr.		5,000
	To Sales A/c ($ 20,000 x 49)			9,80,000
	(Being goods sold against the advance)
3rd Nov.	Purchase A/c ($ 12,000 x 48.60)      Dr.		5,83,200
	To UK Industries A/c			5,83,200
	(Being  machine purchased from UK Industries)
15th Nov.	UK Industries A/c ($ 6,000 x 48.60)    Dr.		2,91,600
	FEF A/c		600
	To Bank A/c ($ 6,000 x 48.70)			2,92,200
	(Being 1st installment paid to UK Industries)
15th Dec	UK Industries A/c ($ 6,000 x 8.60) Dr.		2,91,600
	To  FEF A/c			1,200
	To Bank A/c ($ 6,000 x 48.40)			2,90,400
	(Being last installment paid to UK industries)
15th Jan	BK Industries A/c ($ 2,000 x 49)            Dr.		98,000
	To Sales A/c			98,000
	(Being good sold to BK Industries)
15th Mar.	Purchase A/c ($ 10,000 x 4950)		4,95,000
	To GK A/c			4,95,000
	(Being machine purchased)
31st Mar.	BK Industries A/c  Dr.		2,000
	To FEF A/c			2,000
	(Being FEF adjusted)
31st Mar.	FEF A/c                  Dr		5,000
	To GK A/c			5,000
	(Being FEF adjusted)
31st Mar.	Profit & Loss A/c    Dr.		12,400
	To FEF A/c			12,400
	(Being FEF transferred to P & L A/c )