As-11
This query is : Resolved
CA Kapil Popat
(Querist)
17 April 2012
A Company wants to import certain material. The supplier has put the advance payment terms with company. Hence company paid to supplier in advance 2000$USD @ Rs.52 per $USD. Later material was imported and bill was booked @ Rs.50 per $USD. Now the difference arising due to exchange fluctuation of Rs.2 per $USD should it be added to material cost or should it be transferred to Exchange fluctuation A/c and then transferred to P&L A/c ???
Regards,
Kapil
Regards,
Kapil
11 May 2012
As per AS 11 (Revised) all exchange differences arising due to fluctuation in exchange rates have to be charged or credited to the Profit & Loss Account.
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