Foreign exchange accounting treatment
This query is : Open
21 August 2014
Dear All,
What will be accounting treatment if i have usd account and payment received in that account no conversion in indian rupee. Ex. sales book at 58 and realization at 61 but all in usd account.
I have to pass necessary foreign exchange entry or not. if any case law please suggest or any other supportings.
What will be accounting treatment if i have usd account and payment received in that account no conversion in indian rupee. Ex. sales book at 58 and realization at 61 but all in usd account.
I have to pass necessary foreign exchange entry or not. if any case law please suggest or any other supportings.
21 August 2014
if you are making final account in USD then no entry required.
you are making in Indian rupees then you take the closing rate and charge to profit and loss a/c
you are making in Indian rupees then you take the closing rate and charge to profit and loss a/c
21 August 2014
if you are making final account in USD then no entry required.
you are making in Indian rupees then you take the closing rate and charge to profit and loss a/c
you are making in Indian rupees then you take the closing rate and charge to profit and loss a/c
22 August 2014
Hi,
Thanks for your reply.
Is there any case law or other reference in this regard.
Thanks for your reply.
Is there any case law or other reference in this regard.
22 August 2014
hi,
Thanks,
Is there any case law or reference in support of accounting treatment.
Thanks,
Is there any case law or reference in support of accounting treatment.
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