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Import of Rawmaterial

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2010 What is the exchange rate to be adopted for while accounting the purchase of imported rawmaterial and the date of exchange rate to be adopted....please reply immediately
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CA SMR

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CA SMR (Expert)
11 August 2010 When you are accounting for the import purchase, the rate of exchange will be as on the invoice date.When you make the payment the rate of exchange as on payment date is used and the difference between the two rates will give you the forex gain or loss.
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