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Export sales against forward exchange contract

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(Querist)
09 January 2013 Please clarify accounting entries as per AS 11 at the time balance sheet.

Amortized the forward exhange contract and closing rate of march also accounted or not?
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Chirag Chordia

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Chirag Chordia (Expert)
09 January 2013 Rate for the purpose of accounting will be taken as spot rate at the time of entry/sales and as on March 31st, rate should be taken the rate of fwd contract. profit and loss should be trf to P&L a/c till march 31 and if period extends beyond march, suitable amount should be trf to P&L a/c.
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