AS-11
This query is : Open
04 March 2010
Respected Experts
A company had taken 3 month Forwards Contract for $1000 on 1/11/2009 FC Rate 46.6 RBI on that date 46.2 and on 1/12/2009 another FC cover was taken (3 months )for $1000 the company paid the first amount $ 1000 on 1/2/2010..
Please show the Entry to passed on 1/2/2010
when ..
A company had taken 3 month Forwards Contract for $1000 on 1/11/2009 FC Rate 46.6 RBI on that date 46.2 and on 1/12/2009 another FC cover was taken (3 months )for $1000 the company paid the first amount $ 1000 on 1/2/2010..
Please show the Entry to passed on 1/2/2010
when ..
06 March 2010
on 1/2/10 entry should be passed at the exchange rate at which forward cover was booked.
In case a forward cover is open on 31st March then you need to take exchange gain/ loss occurring from forward cover (ie diff between forward rate and rate on 31st March).
In case a forward cover is open on 31st March then you need to take exchange gain/ loss occurring from forward cover (ie diff between forward rate and rate on 31st March).
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