Exchange rate clarification
This query is : Resolved
Yuvakishore
(Querist)
04 April 2014
Dear Sir,
We are a Manufacturing Company located under SEZ. We are importing 95% from outside India. The Problem is we are following Import Custom rate to book the purchase entries in our accounting Software. But is it correct procedure or we need to follow RBI rate to book all the Purchases.. if we follow RBI rate it was fluctuating by day by day..
Please anyone can help me to provide such information regarding above query along with any documentary stuff..
Thanks in Advance..
Yuvaa
We are a Manufacturing Company located under SEZ. We are importing 95% from outside India. The Problem is we are following Import Custom rate to book the purchase entries in our accounting Software. But is it correct procedure or we need to follow RBI rate to book all the Purchases.. if we follow RBI rate it was fluctuating by day by day..
Please anyone can help me to provide such information regarding above query along with any documentary stuff..
Thanks in Advance..
Yuvaa
CA Jitender Sharma
(Expert)
04 April 2014
You are correctly booked your purchases at import custom rate .
in addition to above you need to book ex-difference at the year end as per AS-11.
in addition to above you need to book ex-difference at the year end as per AS-11.
Yuvakishore
(Querist)
04 April 2014
Dear Sir,
Thanks for the reply. But our Auditor had instructed us to book Purchase entries on RBI rate. So on which way we need to follow.
Thanks,
Thanks for the reply. But our Auditor had instructed us to book Purchase entries on RBI rate. So on which way we need to follow.
Thanks,
RAMESH KUMAR VERMA
(Expert)
07 April 2014
for more info read:
https://www.mca.gov.in/Ministry/notification/pdf/AS_11.pdf
https://www.mca.gov.in/Ministry/notification/pdf/AS_11.pdf
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