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AS 11 - Foreign exchange gain/loss

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05 August 2008 Company X pays an advance of USD 1000 on 01.04.2008 (Ex rate = Rs.40/USD)for import purchase. Later it received invoice from the seller for USD 1000 on 30.04.2008(Ex rate = Rs.45/USD).For what INR the purchase should be accounted in the books of X? Is there any foreign exchage gain/loss to be accounted?
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Taranjit Singh

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Taranjit Singh (Expert)
05 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.
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Taranjit Singh

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Taranjit Singh (Expert)
05 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.
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