Aplication of AS-11
This query is : Resolved
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 ?
Regards
Mihir Bhagat
Regards
Mihir Bhagat
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/-
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/-
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
