Foreign Currency Notes
This query is : Resolved
21 September 2022
Hi,
My client is holding Some pounds as petty cash, which they have received from Parent company on inception. These pounds are used for giving to employees travelling to UK and once they are back they refund the same to Finance Team. There are no transactions of purchase sale by using this cash.
Query : DO they need to revalue the Pound cash balance as on BS date?
My client is holding Some pounds as petty cash, which they have received from Parent company on inception. These pounds are used for giving to employees travelling to UK and once they are back they refund the same to Finance Team. There are no transactions of purchase sale by using this cash.
Query : DO they need to revalue the Pound cash balance as on BS date?
21 September 2022
Yes, revaluation as on balance sheet date is required.
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