Fixed assets
This query is : Resolved
19 September 2011
What is treatment for Purchase of Fixed assets in foreign exchange in following situation
1.During the FY
2.On 31/3/2011
urgent
1.During the FY
2.On 31/3/2011
urgent
19 September 2011
Fixed asset will be stated at the value of purchase and if any payment is outstanding towards value of asset than Foreign Exchange Fluctuation effect will be require to given.
29 September 2011
well asset will be recorded at the price in Indian currency what is paid for the same
29 September 2011
if the price of the forighn asset is paid in cash then no question arises for the adjustment as on 31 March
29 September 2011
the adjustment is required to be done only when the foreign asset is purchased on credit only
29 September 2011
in case the asset is purchased on credit in foreign currency then in such case, the closing balance of the liability is required to be valued at the currency rate as on 31 march ans the difference in the exchange rate is reqd to be charged as exchange loss/profit and to be transferred to p/l A/c
29 September 2011
as per latest as -11 provions, noo revision is reqd to made in the carrying cost of the asset
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