Applicability of as 11-exchange difference
This query is : Resolved
CA. Abhishek A. Sawant
(Querist)
04 July 2015
Suppose on 01.08.2014 company has received USD 75000 as advance against sales which is converted using that day's spot rate say INR 60.
On 30.09.2014 company issued sales invoice in INR of Rs.5 lacs.
Now in this case whether AS 11 is applicable or not??
If yes/ not whats should be accounting entries on both days.
09 July 2015
it is not clear whether company can issue invoice to foreign party in INR. If so, then AS11 may not be applicable as it talks of settlement of foreign currency monetary items
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