Applicability of as 11-exchange difference

This query is : Resolved

CA. Abhishek A. Sawant (Querist)
Follow

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.

sudarshan

sudarshan (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Arun Mahaldar

Rishi Jain

Shubham Jain

SUBHASH SAHA

Sunder Sadani

Subscribe Now

Applicability of as 11-exchange difference

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

CA Final