Conversion rate for credit note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 which conversion rates needs to be taken for credit notes raised by customer for deffective supply of goods, where the invoice amount is pending?whether the conversion rate taken for converting invoice value or the rate prevailing on the date of credit note.

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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26 July 2013 Exchange Conversion rate adopted wont be of much significance from audit point of view, because anyways the effect will get nullified when we do revaluation of closing balances at the exchange rate applicable at balace sheet date!
Final valuation will take place at the exchange rate applicable for balance sheet and the excess/short posting at the time of posting of credit note, would be nullified on revaluation at balance sheet date...
Cheers...

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