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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
