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Aplication of AS-11

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(Querist)
22 April 2009 In my one of the co., we have received the income in foreign remittance, and i have raised the bills for each month last date, so, how should i book the income into my books of account and at which rate it should be consider ?

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Mihir Bhagat
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Kedar Pande

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Kedar Pande (Expert)
22 April 2009 In this case say for example you have raised bill for US$5000/-. Exchange rate on the day of raising bill is 48.00/- You will book income Rs.240000/- and will create a receivable for the same amount. When you receive the remmitance of $5000 with exchange rate say 46.50/- you will credit the receivaleb 240000/-, debit cash or bank 232500/- and debit exchange gain loss Rs. 7500/-
Profile Image

Kedar Pande

Profile Image

Kedar Pande (Expert)
22 April 2009 In this case say for example you have raised bill for US$5000/-. Exchange rate on the day of raising bill is 48.00/- You will book income Rs.240000/- and will create a receivable for the same amount. When you receive the remmitance of $5000 with exchange rate say 46.50/- you will credit the receivaleb 240000/-, debit cash or bank 232500/- and debit exchange gain loss Rs. 7500/-
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