Forward contract.
This query is : Resolved
12 May 2016
Hello Friends,
I have query of Forward Contract transaction on Import Purchase Transaction. We have booked forward contract and passed entry in books as per AS 11 but we have doubts on DISCLOSURE of FOREIGN CURRENCY RECEIABLE and AMOUNT PAYABLE TO BANK in Balance sheet.
I have query of Forward Contract transaction on Import Purchase Transaction. We have booked forward contract and passed entry in books as per AS 11 but we have doubts on DISCLOSURE of FOREIGN CURRENCY RECEIABLE and AMOUNT PAYABLE TO BANK in Balance sheet.
Amol S Joglekar
(Expert)
12 May 2016
what is your difficulty in the same? See, you have already booked the forward contract in your books of accounts. If the expiry of the same is before year end date, the entries will be made at actuals.
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