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Rate of conversion

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(Querist)
25 March 2008 We have imported some raw materials and capital goods in USD.We need to book them in our books in INR.I need to know the day of which conversion rate i can use to book the entry. I am considering on two options:
1)The conversion rate of the day on which we received the material in our factory premises.
2)The conversion rate mentioned in the bill of entry.

Please suggest,which option is right.
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Jitender

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Jitender (Expert)
25 March 2008 u can take rate near to spot rate.
regarding ur query u should take the date of purchase according to ur co's accounting policy & rate of that date or rate near to it.
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
26 March 2008 CONVERSION RATE MENTIONED IN BILL OF ENTRY
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Vikas Garg

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Vikas Garg (Expert)
26 March 2008 Conversion rate as on the date of purchase
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