Exchange revaluation
This query is : Resolved
uday singh Negi
(Querist)
24 May 2012
Dear sir,
1)I want to revalued my account as on 31.3.2012 ( as per as-11 ) for my overseas debtor & creditor , my question is
In last year my auditor has done the revaluation of debtor & creditor on 31.3.2011 but the rate which he used for revaluation was different for debtor i.e (Rs.45.23 for 1 USD ) & creditor (Rs.44.20 for 1 USD)
So my query is shall I take this two different rates for this year also or shall I used only one rate as on 31.3.2012 which is rs. 50.35 equivalent to 1 USD as per HSBC BANK
If I used the different rates, how will I find these rate
Please help
1)I want to revalued my account as on 31.3.2012 ( as per as-11 ) for my overseas debtor & creditor , my question is
In last year my auditor has done the revaluation of debtor & creditor on 31.3.2011 but the rate which he used for revaluation was different for debtor i.e (Rs.45.23 for 1 USD ) & creditor (Rs.44.20 for 1 USD)
So my query is shall I take this two different rates for this year also or shall I used only one rate as on 31.3.2012 which is rs. 50.35 equivalent to 1 USD as per HSBC BANK
If I used the different rates, how will I find these rate
Please help
CA Ghanshyam Joshi
(Expert)
25 May 2012
RBI's TT Buying Rate for Debitor - logic - the amount received from Debitors we will sell to RBI & RBI will by the Foreign currency.
RBI's TT Selling Rate for Creditor outstanding Payments as we will have to buy the foreign currency from RBI at TT Selling Rate.
RBI's TT Selling Rate for Creditor outstanding Payments as we will have to buy the foreign currency from RBI at TT Selling Rate.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
