As-11
This query is : Resolved
Nilesh Dhameliya
(Querist)
19 May 2012
Sir....Please guide me that i have closing balance of one foreign party from whom i have purchase Plant & Machinery. so it is creditor for fixed assets. In this case, will i have to give effect of closing rate prevail on 31-3-2012 in this outstanding balance, so it will be nill and there may be gain/loss on this effect.
19 May 2012
If there is outstanding creditor payable in foreign currency, then the outstanding foreign currency liability should be restetd at closing balance sheet rate as per AS 11 definition and measurement of monetary liabilities.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
