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
Message likes :
1 times
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
