Effect of as 11 on advance paid to supplier
This query is : Resolved
CA. Sameer Swain
(Querist)
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?
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
(Expert)
21 October 2011
Yes, it needs to be re-stated at closing rate as per AS 11
CA Ravi Sisodia
(Expert)
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.
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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