Forex-advance payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 May 2015
If a payment is done in advance in foreignt curency for supply of material, but material is not yet received neither inovoice booked till 31th March 2015.(Only payment done)
Is it compulsory to consider loss or profit due to fluctuation in FOREX till 31th March?
Kindly guide me!
Is it compulsory to consider loss or profit due to fluctuation in FOREX till 31th March?
Kindly guide me!
CA R SEETHARAMAN
(Expert)
22 May 2015
Against this advance you are going to receive material so no loss or profit fluctuation need to be accounted at the year end.
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