On of my client places an order for Machinery when USD rate was INR48.
Payment terms were 30% after receipt of proforma invoice, 60% after 2 months and remaining 10% when Container is unloaded in India.
My client made payments accordingly and the rate increased at each of the payment compared to INR 48 = USD 1.
I know that after 31.3.2011, any kind of Foreign exchange loss in debited to P&L A/c. by Foreign Exchange Translation Loss.
But, here the commercial invoice is not received by my client when he made payments and he got possession of machinery only after he made all the payment.
Does he need to recognize the loss in P&L A/c. or he can add to the Fixed Assets cost of the Machinery?

Thank you in advance..

When accounting standards are applicable to companies ??

Dear all,

I have a query i am newly joined a company and i have to submit monthly debtors sheet in bank so pls help me and give me excel format.

Regards

Abadh kishor

company act 2013 ...means act n books .... kab tk market m aajayegi...

do students who have finished cs executive will be exempted from cpt ?

Dear Sir,


Kindly reply for the below query:-


I have to prepare balance sheet of a partner ship firm. There was no sale ( no business) during the year 2012-13. It has fixed assets. I understand depreciation will not be allowed by tax authority. Is it correct? If yes will I have to book depreciation ( based on IT rate as it is non corporate assessee) in balance sheet and to disallowed in computation of income.

How to Make Salary Entry (Which Covered Professional Tax, PF, ESIC ) at one time to differnet legders?
Plase explain with Accounting Heads.

IF a firm has branches, what entries should be passed in Head office A/c to take effect or branch A/c. How Branch stock would be merged in Head office? Please help.

Hey all,

What would be the accounting entries normally passed if salary is not directly credited and debited to the respective employee's a/c- that is bulk salary due and payment entries for all employees?

how apply for account technician course after B.Com.