Foreign Currency Loan
This query is : Resolved
05 May 2011
Hi Experts,
Can anybody help me in determining the fx rate for converting the interest component of foreign currency loan.
Suppose ABC Ltd (having year ending 31st march) has taken loan of 100,000 GBP @ 15% 1.01.10.
Interest payable for 91 days comes to
15,000 X 91/365 = 3740 GBP
Fx as on 1.01.10 = 75.0939
Fx as on 31.03.10 = 67.8120
My question is at what Fx rate we should convert 3740 GBP for reporting in financial statements.
thanks
ZAMIR
Can anybody help me in determining the fx rate for converting the interest component of foreign currency loan.
Suppose ABC Ltd (having year ending 31st march) has taken loan of 100,000 GBP @ 15% 1.01.10.
Interest payable for 91 days comes to
15,000 X 91/365 = 3740 GBP
Fx as on 1.01.10 = 75.0939
Fx as on 31.03.10 = 67.8120
My question is at what Fx rate we should convert 3740 GBP for reporting in financial statements.
thanks
ZAMIR
CA MANOJ GUPTA
(Expert)
07 May 2011
IT SHOULD BE REPORTED AT THE RATE AS ON 31.03.2010
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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