Effect of as 11 on advance paid to supplier

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CA. Sameer Swain (Querist)
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20 October 2011 Plz. consider the following situation and suggest me your opinion
on 20.02.11 a Company paid Euro 500 to its foreign supplier. As on 31.03.11 amt. has not been adjusted as material has not been imported.
Doubt is that whether such advance shall be restated at closing rate or not?

CA Neha Jain

CA Neha Jain (Expert)
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21 October 2011 Yes, it needs to be re-stated at closing rate as per AS 11

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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21 October 2011 if import not take place then exchange difference will adjest.
but if import take place in future date then exchange difference can not adjest, because import amount will not changed in this case.

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