As-11
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2012
Will the exchange fluctuation be booked on the advance payment received from a foreign debtor?
Also tell,
Advance Payment received of 100$ @ Rs. 50/$
Sale made of 100$ @ Rs. 52/$ (rate of $ on the date of sale),
what is the booking rate of $ at the time of sale booking?
Will the exchange fluctuation be booked on the advance payment received from a foreign debtor?
Also tell,
Advance Payment received of 100$ @ Rs. 50/$
Sale made of 100$ @ Rs. 52/$ (rate of $ on the date of sale),
what is the booking rate of $ at the time of sale booking?
04 June 2012
Excerpt from AS 11:
9. A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
-----------------------------------
Hence sale is to be recorded at 52.
balance goes as exchange fluctuation.
9. A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
-----------------------------------
Hence sale is to be recorded at 52.
balance goes as exchange fluctuation.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Rental income of jointly held property
- NRI INSURANCE ADVISOR
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
