As 11
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2013
OUR CO HAVE A EXPORT ORDER. AS PER ORDER TERMS 20% OF CONTRACT VALUE WILL BE RECEIVED AS ADVANCE PER YEAR & ENTIRE ORDER VALUE WILL BE RECEIVED AS AN ADVANCE BEFORE DELIVERY.NOW WE HAVE RECEIVED 20% IN THIS YEAR. MY QUESTION IS WHETHER SUCH ADVANCE SHOULD RESTATE USING CLOSING RATE ON B/S DATE.
PLS HELP.
PLS HELP.
20 February 2013
yes. all monetary assets and liabilities are to be restated
Message likes :
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Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2013
Sir as per as 11 Monetary items are money held and assets and liabilities to be
received or paid in fixed or determinable amounts of money.so why advance received from vendor is required to restate if we have no doubt that we can deliver the goods in time & there is no question of refund . is it due to conservative principal or as per specific prov for As 11
received or paid in fixed or determinable amounts of money.so why advance received from vendor is required to restate if we have no doubt that we can deliver the goods in time & there is no question of refund . is it due to conservative principal or as per specific prov for As 11
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