Advance payment for capital assets
This query is : Resolved
08 March 2012
We have paid 100% advance INR 1000000 for import of capital goods on 15.4.2011. We receive the invoice from the foreign supplier on 15.5.2011. for which INR works out to 1,05,000 due to exchange fluctuation. What is the valid accounting treatment?
11 May 2012
As per AS 11 (Revised) exchange difference arising on account of fluctuation in exchange rates is charged/credited to P&L A/c.
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