Foreign Exchange - Financial Statements

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Purushotham (Querist)
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02 June 2010 Hi,

we used to consolidate our accounts with US figures at every quarter ended seperatly.. For six months ended we have consolidated the Indian values which we have got for last quarter end{Q1(INR)+ Q2(INR)} like same for nine months ended first quarter(INR)+second quarter(INR)+third quarter(INR) like same for year ended Q1+Q2+Q3+Q4.

Here, probelm is that when we are cacluating the final US fingures with exchage rate the amount is differing with our calculation.

For Example:
Q1 Turnover is 2000USD
Exchange Rate is Rs49.50
Total Amount Rs.99000
Q2 Turnover is 1500USD
Exchange Rate is Rs46.20
Total Amount Rs.69300
Six months Ended we took the value at Rs.168300
Q3 Turnover is 2200USD
Exchange Rate is Rs48.12
Total Amount Rs.105864
Nine months Ended we took the value at Rs.274164
Q4 Trunover is 1600USD
Exchange Rate is 43.12
Total Amount Rs. 68992
Year Ended(Twelve months Ended) we have taken the value at Rs.343156
Bt here while consolidating US turnove figures for whole yr is 7300USD when we take for final exchange rate is Rs43.12 the amount is Rs.314776
in our books we have consolidated Rs.343156
with indian accounts.

Pleae help me out which figure we should take. and the procedure we should follow....

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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02 June 2010 I WANTED TO INFORM YOU THAT YOU SHOULS MENTIONED "the amount is Rs.314776"

IT VALUE IS OK NOTHING ELSE BECAUSE THE RATE OF EXCHANGE DAILY CHANGES AND CA CERTIFICATE IS GIVEN ON THIS BASIS.

VARIOUS GOVERNMET DEPARTMENT LIKE CUSTOM, DGFT ALSO WILL TALLY THIS AMOUNT RS. 314776.00

REGARDS,

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