As-11

This query is : Resolved

Vipul (Querist)
Follow

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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

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.

Vipul

Vipul (Querist)
Follow

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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

As-11

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

CA Final

Accountant

GST CONSULTANT