Foreign exchange fluctuation related to acquisition of fixed
This query is : Resolved
08 October 2015
SUPPOSE AN ASSET WAS ACQUIRED ON 01.08.2015 FOR 100 USD WHEN THE EXCHANGE RATE WAS 1USD= RS 50. ON THAT DAY 50 USD WAS PAID RESULTING IN AN OUTFLOW OF RS 5000. SO 50 USD IS STILL TO BE PAID.AS ON DATE SAY EXCHANGE RATE IS 1USD= RS 52,WHAT WILL BE THE ACCOUNTING ENTRIES?
08 October 2015
Charge the exchange difference to P&L account.
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