Exchange fluctuation
This query is : Resolved
Sanjeev Agarwal
(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
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
Amol S Joglekar
(Expert)
30 May 2014
At "Actual Cost" In your case, it looks like 89....(Unless ofcourse you got any refund thereof)
Sanjeev Agarwal
(Querist)
30 May 2014
Can you please explain quoting the relevant AS
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
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 .
CA Mandeep Singh
(Expert)
31 May 2014
Difference debited to p& l a/c under head ERD ACCOUNT
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