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Forex transaction

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2011 One bank does a provision as staff training payable every year.Once,one staff was sent to us(firm) for training ....with a advance of USD 2,500....with INDIAN exchange rate of 48....later, he returned and have to reimburse rs 500 USD...in which exchange rate was 43......where to charge such diffErence???
PLEASE HELP ME BY AS,IFRS,GAAP ..any appication ???
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
27 September 2011 Are there is difference of year in which the employee was sent and he returned back
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
27 September 2011 the amount of 500 Dollars (48-43) * 500 i.e. Rs 2500 should be charged as Exchange differences in the books
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
27 September 2011 Amount of training expenses to be adjusted againt the advance should be 2000 $ * 48 = 96000 and be booked as expenses
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
27 September 2011 Since, it a foreign transaction the same is to be recorded in indian currency and no question of translation arives
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