Forex transaction
This query is : Resolved
Querist : Anonymous
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 ???
PLEASE HELP ME BY AS,IFRS,GAAP ..any appication ???
27 September 2011
Are there is difference of year in which the employee was sent and he returned back
27 September 2011
the amount of 500 Dollars (48-43) * 500 i.e. Rs 2500 should be charged as Exchange differences in the books
27 September 2011
Amount of training expenses to be adjusted againt the advance should be 2000 $ * 48 = 96000 and be booked as expenses
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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