Accounting standard 11

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SHARMA P (Querist)
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09 February 2015 Sir
Ours is a Chit Fund Company and a customer abraod wants join a chit in our company.

But the monthly installment payment made by him in foeign currency.

Please let me know how to treat the same in accounting procedure

This is one and only foreign transaction having us

Please kindly help

Thanking you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2015 If you are not going to bear any exchange difference, account all receipts and payment on actual Indian currency received/paid.
If you are going to bear the exchange differences, account the difference gain/loss to P&L account.

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