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CA.CS.V.Viswanathan

CA.CS.V.Viswanathan (Querist)
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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 ..

Madhusudan Bohra

Madhusudan Bohra (Expert)
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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).

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