Question

On 31st October 2017. Mis. Raman Industries Ltd: exported goods worth US $ 60,000 to Mis. WMS Co. USA. Mls  WMS C o. paid the instalment as under:

Date	Instalments in US $	Exchanee Rate per US $Rs.
1.12.2017	18,000	64.00
1.2.2018	12,000	66.00
10.3.2018	12,000	63.00
17.4.2018	10,000	66.00
19.5.2018	8,000	67.00

Additional Information :

1. Exchange rate as on 31.10.2017 was Rs, 65.00 per US $ and as on 31.3.2018 was Rs 64.00 per US $.
2. Accounts  are closed on 31st March every year.
3. Apply AS-11.
Prepare WMS's Co. Account U.S.A~ in the books of Mis. Raman Industries Ltd. for the year ended 31.3.2018.

Answer 1

In the Books of Raman Industries ltd.

M/s WMS Co.,USA Account for the Year Ended 318t March 2018

Date	Particulars	USD$	Rate	Amount	Date	Particulars	USO$	Rate	Amount
31.10.17	To Sales	60,000	65	39,00,000	1.12.17	By Bank	18,000	64	11,52,000
1.2.18	To Foreign				1.12.17	By Foreign
	Exchange					Exchange
	Fluctuation A/c	12,000	1	12,000		Fluctuation A/c	18,000	1	18,000
					1.2.18	By Bank	12,000	66	7,92,000
					10.3.18	By Bank	12,000	63	7,56,000
					10.3.18	By Foreign Exchange
						Fluctuation A/c	12,000	2	24,000
					31.3.18	By Foreign
						Exchange
						Fluctuation A/c	18,000	1	18,000
					31.3.18	By Balance c/d	18,000	64	11,52,000
				39,12,000					39,12,000