AS 11
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
if 100$ paid as advance to emplooye by purchasing at the rate of 45 but expense made is $100 on the day on which exchange rate is 47 whether exchange loss arises in such case? since advance is made in $ currency and expense also made in $ currency.
03 February 2011
Advance is non-monetary item. AS is not applicable on advance. Book the exp on @ Rs. 45.
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