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Accouting Standard - 11

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05 August 2008 Company X has given an advance of USD 1000 for an import puchase (ex rate - Rs.40/USD) on 01.04.08. Later it received an invoice for USD 1000 on 01.05.08(ex rate - Rs.45/USD. For what INR the purchase should be accounted? Is there any foreign exchange gain/loss?
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CA N RAJA

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CA N RAJA (Expert)
05 August 2008 Yes. In this case, purchase will be accounted at Rs.45/USD.

There is Forex Gain of Rs.5(Rs.45-40)

i.e.,Supplier was paid at Rs.40 (in advance itself) as against Rs.45(Invoice Price/BOE/BOL).
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Murali

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Murali (Querist)
06 August 2008 thanks for ur reply
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