Inventory purchased in foreign currency
This query is : Resolved
04 June 2013
Dear Sir,
My client ltd. co has purchased inventory in foreign currency for a plant prior to commencement of operations on 12.5.12
At the time of purchase price was Euro 12500 i.e Rs. 787500. (1 euro = 63 Rs.)
On 31st March 1 Euro = 73
At the time of payment on 13.5.13 it was 1 euro = 71
Company does not make P&L account for the plant as it is not in operation yet.
Please tell me the accounting treatment for stock and Foreign Exchange Gain and Loss as per AS 11.
My client ltd. co has purchased inventory in foreign currency for a plant prior to commencement of operations on 12.5.12
At the time of purchase price was Euro 12500 i.e Rs. 787500. (1 euro = 63 Rs.)
On 31st March 1 Euro = 73
At the time of payment on 13.5.13 it was 1 euro = 71
Company does not make P&L account for the plant as it is not in operation yet.
Please tell me the accounting treatment for stock and Foreign Exchange Gain and Loss as per AS 11.
21 September 2013
This query is Resolved
21 September 2013
This query is Resolved
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