Accounting Standard 11 Foreign Exchange
This query is : Resolved
Pawan Patil
(Querist)
13 April 2008
Dear Shailesh Sir,
Suppose I had paid advance on 30 th Sep 2007 for $ 2000 @ 41 Rs.82000 towards Machinery
Machinery Invoice Booked for $ 10000 @40 Rs. 400000 on 13th Nov 2007
Balance Payment made of Machinery on 15th Nov 2007 for $8000 @40.5 Rs. 324000
Total Payment made for Rs. 406000
& Invoice booked for Rs. 400000
Rs. 6000 it will show in Profit & Loss A/c or Increase Invoice Value Rs. 406000
?
Dear Shailesh Sir,
Suppose I had paid advance on 30 th Sep 2007 for $ 2000 @ 41 Rs.82000 towards Machinery
Machinery Invoice Booked for $ 10000 @40 Rs. 400000 on 13th Nov 2007
Balance Payment made of Machinery on 15th Nov 2007 for $8000 @40.5 Rs. 324000
Total Payment made for Rs. 406000
& Invoice booked for Rs. 400000
Rs. 6000 it will show in Profit & Loss A/c or Increase Invoice Value Rs. 406000
?
Amit Sharma
(Expert)
06 May 2008
Yes sir you are right it will be shown on the credit side of P/L a/c as Unearned Revenue to the extent of Rs.6000 as said in the above example which is due to the rate of exchange fluctuations.
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