Accounting standard on foreign currency flactuation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2015
Fixed Asset is purchased in foreign Currency and import duty paid on it, So on which document basis we will book the purchase entry? on the basis of Bill of Entry or on the basis of Invoice of the Supplier.
01 January 2016
Invoice and bill of entry both are required for the booking the purchase entry. Invoice is base for bill of entry and with only invoice cannot book the entry, to receive the asset in India Bill of entry ( import) required
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