Financial reporting
This query is : Resolved
20 April 2018
One of the Indian entity has imported a machine on CIF basis for 1ooooo us dollars. It has paid 30000 us dollars as advance to the party. Now as on 31st march 2018, should the entity recognise 70000 us dollars as liability or just show an advance of 30000 us dollars.machine has not arrived till 31 march.
13 May 2018
USD 70000 should be declared in the notes to accounts under capital commitments.
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