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Query regarding as-11

This query is : Resolved 

Querist : Anonymous


Querist : Anonymous (Querist)
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.


Yes, As-11 is also applicable on Proprietorship business,

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

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


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