Foreign exchange accounting treatment

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Gaurav Hirawat (Querist)

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.

Rupesh Jain

Rupesh Jain (Expert)

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

Rupesh Jain

Rupesh Jain (Expert)

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

Gaurav Hirawat

Gaurav Hirawat (Querist)

22 August 2014 Hi,

Thanks for your reply.

Is there any case law or other reference in this regard.

Gaurav Hirawat

Gaurav Hirawat (Querist)

22 August 2014 hi,

Thanks,

Is there any case law or reference in support of accounting treatment.

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