Asset Price Consideraton
This query is : Resolved
SHREYANSH B SHAH
(Querist)
04 June 2011
Hi Expert if I have Purchased assset from out side india on 1/4/2010 and for which I had given advance(Whole Price as an Advance) So whether at the time of of Purchase od Asset What price we should book in Accounts For asset as on 1/4/2010,,, Whether amount given as an advance considered as Amount of Fixed Asset Or Asset shoul be recorded with Fluctuated Dollar price As on 1/4/2010.. Pleas give me Reply
04 June 2011
The assets shall be capitalised along with foreign exchange rate difference.
SHREYANSH B SHAH
(Querist)
06 June 2011
If my Advance Given Date is 1/4/2010 And Asset Purchase Date is 31/3/2012, So whether on 31/3/2011 Advance would be Adjusted with Price Fluctuation...?
CA Sumat Singhal
(Expert)
06 June 2011
I suppose yes...as per AS 11 revised
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