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Accounting Standard 11 Foreign Exchange

This query is : Resolved 
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(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
?
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Amit Sharma

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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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