banner_ad

Foreign Exchange transactions

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 August 2009 Respected Experts,

The company I go for audit Books purchase of imported CD's at the Bill of Entry Rate and not at sopt rate is it correct??
should i insist them to follow AS-11??

Please Clarify
Profile Image

Vikram

Profile Image

Vikram (Expert)
28 August 2009 Both the procedure are wrong.
It should be recorded at rate on transaction date and transaction date may be Invoice date or payment date whichever is earlier since bill of entry can not be made without invoice hence invoice date will always before BOE date. and than the diff in the vendor account shall be transferred to foreign exchange fluctuation account and if payment date is earlier than invoice date than there will be no differance.
I hope it will solve ur query
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details