Exchange Rate on Export Bills (Income Tax)

This query is : Resolved

shoeb parwaiz

( Author )
11 June 2011

Dear All,

In export transaction most of time it happens that few export bill are remain to be received from the buyer by the end of financial year. In this case how exchange rate should be provisioned.

Example: During the financial year 2010-2011 Mr. A exported goods of €5000.00. This bill couldn't be received by the end of F.Y.2010-2011. Mr.A received payment against this invoice in F.Y.2011-2012. What Entry should be made by the end of F.Y.2010-2011 for exchange rate difference & What entry should be made when Payment is received by the Mr.A.

Also,what rate of currency wile be applied by the end to F.y.2010-2011

Shoeb

RAMESH KUMAR VERMA

( Expert )
11 June 2011

what rate of currency wile be applied by the end to F.y.2010-2011

REPLY:
WHICH IS MENTIONED ON SHIPPING BILL LEO DATE.

AND ENTRIES RELATED QUIERY LINK IS :-

RAMESH KUMAR VERMA

( Expert )
11 June 2011

http://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp

RAMESH KUMAR VERMA

( Expert )
11 June 2011

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