Export sales against forward exchange contract
This query is : Resolved
shibi m george
(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?
Amortized the forward exhange contract and closing rate of march also accounted or not?
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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