Query regarding as-11

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2011 Sir i want to know whether AS-11 is applicable to proprietorship business also.
Sir in the said business there are foreign debtors of 10000 dollars which are recorded in the books around Rs. 25000000 whether they are required to be revalued as per AS-11 at the closing rate on 31.03.2011 and the difference to be charged to profit and loss account.

CA Navin Jain

CA Navin Jain (Expert)
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03 September 2011 Yes, As-11 is also applicable on Proprietorship business,

hence, difference to be charged to profit and loss account.

CA-CWA RAVI

CA-CWA RAVI (Expert)
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03 September 2011 As per the preface of AS .. the AS recommended by icai are applicable to all level 1 2 and 3 entities who are other then SMC's and NON SMC'S hence ... Proprietors too have to follow AS 11 in this transaction