Reinstatement of Debtors

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rishabh (Querist)
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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.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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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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