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.
CA Pushpendra Gaur
(Expert)
29 September 2011
well asset will be recorded at the price in Indian currency what is paid for the same
CA Pushpendra Gaur
(Expert)
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
CA Pushpendra Gaur
(Expert)
29 September 2011
the adjustment is required to be done only when the foreign asset is purchased on credit only
CA Pushpendra Gaur
(Expert)
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
CA Pushpendra Gaur
(Expert)
29 September 2011
as per latest as -11 provions, noo revision is reqd to made in the carrying cost of the asset
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- 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
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- 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
