As-11
This query is : Resolved
05 June 2015
My client a limited Company has made advance payment of Rs. 10,00,000/- to his client in United States in January' 2015 in dollars, for material to be received in May'2015. No more payment is to be done now. The expense shall be booked in May'2015 when material & invoice shall be recd. Now on 31.3.2015 should the advance payment be converted on rate prevailing on 31.3.2015 or not as per AS-11. Kindly help.
05 June 2015
when the amount is paid in may 2015 then why adjustment is to be done in march 2015?
on 31.3.2016 the exchange rate fluactuations if any should be adjuste in profit and loss a/c.
on 31.3.2016 the exchange rate fluactuations if any should be adjuste in profit and loss a/c.
05 June 2015
Payment already done in January'2015 in advance. Receipt of material is only pending. Should this advance payment be adjusted for rate as on 31.3.2015. As it will only be a notional gain or loss.
05 June 2015
yes then to the extent payment made in jan 2015 u need to make adjustment for exchange fluactuations if any as on 31.3.2015
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
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Under marginal scheme
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Import of Software Service.
- TDS on Fixed Assets purchased
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
