forex loss on assest under construction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 January 2011
On the receipt of import documents ( Sight Lc) in Bank, payment of $ 10 mn @ Rs. 45 has been made on 20.12.10 towards import of assets under construction. The aforesaid consignment was cleared from the port on 24.12.10 the rate of $ was Rs. 46/- on that date.
In this case whether Ex. Loss of Rs. 100 lacs is to be charged in revenue ( As per AS 11) OR is to be capitalised under CWIP.
In this case whether Ex. Loss of Rs. 100 lacs is to be charged in revenue ( As per AS 11) OR is to be capitalised under CWIP.
15 January 2011
Have you paid Rs. 100lacs?, Then where is the question of loss.
ERV is booked for difference between Actual liability and amount actually paid.
ERV is booked for difference between Actual liability and amount actually paid.
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