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Accounting for prepayments

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Accounting for prepayments

  • This topic has 1 reply, 1 voice, and was last updated 7 years ago by Maliha.
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  • December 11, 2017 at 9:57 am #422505
    Maliha
    Member
    • Topics: 11
    • Replies: 4
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    How will the prepayments for the purchase of raw materials from another country be accounted for?

    December 25, 2017 at 10:07 am #424773
    Maliha
    Member
    • Topics: 11
    • Replies: 4
    • ☆

    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

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