Accounting a foreign bill

This query is : Open

Dhani (Querist)
Follow

24 July 2010 dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?

Why do we do so? Any rule or notification in this regard?

Akshay Chauhan

Akshay Chauhan (Expert)
Follow

24 July 2010 Dear Student
How r u?

As you asked for the calculation of INR Value of a Foreign Purchase Bill, I would like to say that this calculation should be done using the exchange rate prevailing on bill of entry and any difference between INR Value as calculated above and INR Value as calculated using exchange rate prevailing on date of payment should be trfd. to Profit/Loss Account on Exchange Rates which should again be trfd. to Profit & Loss A/c, i.e. Financial Statements.

Dhani

Dhani (Querist)
Follow

29 July 2010 dear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?

Why do we do so? Any rule or notification in this regard?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Ashok Atluri

SARAVANAN PALANISAMY

shobi H

nandeesh mashyal

THOMAS JOHN

Subscribe Now

Accounting a foreign bill

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA