On 1 April 2 0 2 3 , a US based company has purchased lubricants ( chemical
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Question:
On April a US based company has purchased lubricants chemical from a German based company Evonik industries for EUR on credit. Keeping in view the spot exchange rate on the date of transaction is EUR USD, please record the journal entry in the books of US company in USD.
On the date April of actual payment of amount by the US company to German company the exchange rate has fluctuated as EUR USD. Please record the journal entry in the books of US company in USD. Also, please calculate and record if there is any loss from the foreign currency transaction?
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