As-11
This query is : Resolved
18 August 2013
Foreign Exchange fluctuation should be adjusted to the cost of Fixed Asset or not?
Like a fixed asset is purchased on 10-8-13 on credit for $100 @ 60,its corresponding liability is discharged on 30-4-14.On 31-3-14 1$=Rs.62 and on 30-4-14 1$=Rs.61, kindly explain the treatment.
Like a fixed asset is purchased on 10-8-13 on credit for $100 @ 60,its corresponding liability is discharged on 30-4-14.On 31-3-14 1$=Rs.62 and on 30-4-14 1$=Rs.61, kindly explain the treatment.
19 August 2013
In books take 60 vs 62 to P&L
For income tax purpose, adjust 60 vs 61 in Fixed asset. Disallow 60 vs 62 in FY 12-13 as you would adjust the cost next year
For income tax purpose, adjust 60 vs 61 in Fixed asset. Disallow 60 vs 62 in FY 12-13 as you would adjust the cost next year
23 August 2013
And according to you, for income tax purposes,exchange difference to be adjusted from the date of purchase to date of settlement of liability.there is no relevance of rate of exchange on closing date i.e.31 march?Right?
and what about Co act & AS-11?
and what about Co act & AS-11?
23 August 2013
Right
For AS 11 restatement on closing date needs to be done
For AS 11 restatement on closing date needs to be done
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RATE AND HSN CODE
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Sale of property held jointly with a non resident Indian
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- Taxability of Partnership firm for FY 2025-26
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
