AS11 Accounting treatment forex advance used 4 personal use.
This query is : Resolved
21 April 2011
Forex given for foreign tour 100$
Official spent 70$
personal spent 30$
to recover 30$ from employee whether exchage rate applied should be the date of forex advance given or date of settlement.
If answer is date of forex given just for not taking exchange gain/loss of personal expenditure in company account then what if employee purchase the same from open market and surrender 30$ to company. In this case Gain/Loss has to be recognised in settlement at the time of surrender.
Official spent 70$
personal spent 30$
to recover 30$ from employee whether exchage rate applied should be the date of forex advance given or date of settlement.
If answer is date of forex given just for not taking exchange gain/loss of personal expenditure in company account then what if employee purchase the same from open market and surrender 30$ to company. In this case Gain/Loss has to be recognised in settlement at the time of surrender.
Vivek Raju P
(Expert)
28 May 2011
Rate on the date of settlement has to be used as these are monetary items. Any gain or loss on Forex will be taken to P&L
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