AS 9,11
This query is : Resolved
CA Pratik Dharod
(Querist)
16 December 2010
Dear sir.
When to recognise revenue in CIF transaction where contract is document through bank in export sales????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
Date of payment - 9/11/2010
And on what date foreign exchange convertion rate is to be taken????
When to recognise revenue in CIF transaction where contract is document through bank in export sales????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
Date of payment - 9/11/2010
And on what date foreign exchange convertion rate is to be taken????
Jalpa Shah
(Expert)
16 December 2010
You have to book ur sales on date of invoice at the rate of foreign currency running on that date.
When the actual receipt come u have to again convert that currency into indian rupee at the rate running of that date.
The diff between value of invoice and actual receipt will be your forex gain or loss whatever it will be.....
When the actual receipt come u have to again convert that currency into indian rupee at the rate running of that date.
The diff between value of invoice and actual receipt will be your forex gain or loss whatever it will be.....
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