D Ltd. of India Has Sold Goods to B Ltd .Of Uk for $2,30,000 .On 1st August 2018. 30% Was Received on 1st September 2018.$50,000 Was Received on 10th September 2018. - Financial Accounting(Financial Accounting and Auditing 9)

D Ltd. of India has sold goods to B Ltd .of UK for $2,30,000 .on 1st August 2018. 30% was received on 1st September 2018.$50,000 was received on 10th September 2018.
Balance was received on·30th September 2018.

Foreign exchange rates
1st August 2018                   $1 =Rs. 50.50 1st September2018$1 ~Rs. 51.50
10th September 2018           $1 =Rs. 49 30th September$.1 =Rs. 52
Give entries in the books of D Ltd.

Solution

Journal Entries
In the Books of D Ltd.

 Date Particulars L.F Debit Credit 2018-19 1st Aug. B.Ltd.A/c [$2,30,000 x 50:50] 1,16,15,000 To Sales A/c 1,16,15,000 (Being goods sold on credit) 1st Sept. Bank A/c [$ 09,000 x 51.50] 35,53,500 To FFF A/c 69,000 To B Ltd. A/C ( 69,000 x 50.50) 34,84,500 (Being 1st Installment received) 10th Sept. Bank A/c ($50,000 x 49) 24,50,000 FEF A/c 75,000 To B Ltd. A/c ($ 50,000 X 50:50) 25,25,000 (Being 2nd Installment received) 30th Sept. Bank A/c($1,11,000 x 52) Dr. 57,72,000 To FEF A/c 1,66,500 To B Ltd. A/c ($ 1, 11,000 x 50.50) 56,05,500 (Being land installment received) 31st Mar. FEF A/c                      Dr. 1,60,500 To Profit & Loss A/c 1,60,500 (Being FEF transferred to P & L A/c)
Concept: Accounting of Transactions of Foreign Currency Problems
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