As 11 applicabilty on advance for fixed assets-urgent

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Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2013 One client has given a capital advance to a foreign country (7 lac Euros - 30% of contract amount) on 20th Mar 2013for the acquisition of fixed asset -Plant and machinery. The same was recorded in the books at the rate applied by bank( as reflected in the bank statement).

My question is.. will AS 11 apply for the same and is it required to reinstate the asset as on 31st March 2013 at the closing rate?

Ganeshbabu K

Ganeshbabu K (Expert)
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04 October 2013 Yes,,AS PER AS11 balance standing in debtors/creditors ledgers should be restated as on 31.03.2013.

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2013 but it is not a debtor or creditor. It is the amount given to acquire a fixed asset.

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2014 no required to be shown

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