Foreign currency difference
This query is : Resolved
27 May 2015
Mr. X (prop.) has open LC in foreign currency USD 1000 on 5.2.15 USD rate Rs 63.00 (suppose) on 5.2.15 and LC is due on 15.5.15 USD is Rs.61.00 (suppose).
When to book foreign exchange difference Rs.2.00 per USD (63-61)in FY 2014-15 or 2015-16.
Kindly reply on urgent
When to book foreign exchange difference Rs.2.00 per USD (63-61)in FY 2014-15 or 2015-16.
Kindly reply on urgent
CA R SEETHARAMAN
(Expert)
27 May 2015
For LC outstanding no forex difference can be booked.
03 June 2015
LC paid on 15.5.15?
In this situation no differece will be booked kindly provide some notification and other for knowledge.
kindly reply on urgent
In this situation no differece will be booked kindly provide some notification and other for knowledge.
kindly reply on urgent
CA R SEETHARAMAN
(Expert)
03 June 2015
LC paid on 12.5.15 that is the transaction date. Foreign currency liabilities at the year end has to be updated. Here LC outstanding is not a liability.
Refer Accounting standered 11.
Refer Accounting standered 11.
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