Accounting for Foreign Transactions
This query is : Resolved
02 June 2010
I had purchased asset from canada..........my query is when should i record that asset in my books of accounts.....means on which date it should be recorded
bill date or date of bill entry???
please help..........
give reference for case law,if any,
bill date or date of bill entry???
please help..........
give reference for case law,if any,
02 June 2010
For booking of purchase of assets, the copy of bill of entry for home consumption is required which contain the invoice value in foreign currency and in indian rupee. All purchases is to be booked at the date of bill of entry for home consumption and at the value which is appearing on bill for entry.
For calculation of exchange fluctuation, value in foreign currency multiplied by the exchange rate minus value at which it was booked previously.
For calculation of exchange fluctuation, value in foreign currency multiplied by the exchange rate minus value at which it was booked previously.
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09 June 2010
Thanks
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