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Exchange fluctuation

This query is : Resolved 
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(Querist)
30 May 2014 I imported a Machinery and sent full payment in advance @Rs.89 to a Euro. When the machinery was imported into the Country, customs valued the machinery @Rs.86 to a Euro.

At what value should I take machinery into my books of account at the value I remitted or at the value which custom officials have taken
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 May 2014 At "Actual Cost" In your case, it looks like 89....(Unless ofcourse you got any refund thereof)
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Sanjeev Agarwal

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Sanjeev Agarwal (Querist)
30 May 2014 Can you please explain quoting the relevant AS
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 May 2014 what is the issue Sanjeev? There is no amguity of whatsoever nature in finding out the "actual cost"....no need to quote any text from AS
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Sanjeev Agarwal

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Sanjeev Agarwal (Querist)
30 May 2014 I export jewellery to a foreign buyer. At the time of export rate of Dollar was Rs.62.00. When I received the payment rate of Dollar was Rs.60.00. Should the exchange difference be debited to P & L Account or should I reduce sale .
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CA Mandeep Singh

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CA Mandeep Singh (Expert)
31 May 2014 Difference debited to p& l a/c under head ERD ACCOUNT
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