Exchange effect while valuation of Inventory
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2011
Dear Sir/Madam,
I have made the payment to vendor of 100 dollars @ Rs. 44 per dollar.
When my GRN was made the rate was 46 per dollar.
When the Bill was booked it was 47 per Dollar.
The question is:- How will I give effect of Rs. 3 per dollar (i.e. 47-44).
Will I charge to P&L, or will I have to load the cost to material, or some part effect is to be given.
Kindly guide.
Thanks in Advance
I have made the payment to vendor of 100 dollars @ Rs. 44 per dollar.
When my GRN was made the rate was 46 per dollar.
When the Bill was booked it was 47 per Dollar.
The question is:- How will I give effect of Rs. 3 per dollar (i.e. 47-44).
Will I charge to P&L, or will I have to load the cost to material, or some part effect is to be given.
Kindly guide.
Thanks in Advance
01 February 2011
AS per AS 11 Inventory is a non-monetary items and Exchange varation is not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Clubbing of Income - Minor
- Regarding Individuals Retuned to India and Resident currently
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- ERROR IN DEPRECIATION CALCULATION IN PREVIOUS YEAR COMPANY'S BOOKS
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
