Reinstatement of Debtors
This query is : Resolved
13 August 2016
say I have sold goods worth $100 on 1.1.16 and I m going to receive the same on 30.6.16. spot Rs 65
Now, I have entered into forward contract with SBI to sell $100 at Rs. 67
As on 31.3.16 how I m going to reinstate my debtors.
16 August 2016
You have to do the accounting as per AS 11 - Foreign exchange fluctuation. The debtors are required to be stated at the closing rate and the transaction during the period at the date of transactions. Any difference has to be shown in the foreign exchange fluctuation in profit & loss account.
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