How will the prepayments for the purchase of raw materials from another country be accounted for?
ACCA Forums
FRAccounting for prepayments
Let's say my company in country A buys raw materials from country B with an amount of $1000. I pay $200 now and the remaining will be paid once the goods have been delivered (as per the contract). What would the entries be for this transaction?
-Country A currency: Rials
-Country B currency: Dollars
Sign into reply to this topic.