Transaction in foreign currency
This query is : Resolved
21 June 2008
one of client is exporting and whatever outstanding as on 31st march is required to be converted at the dollar rate as on 31st march.What AS says- pls clarify
21 June 2008
AS-11
Convert all
Opening Current Assets & Current liabilities at opening rate
Closing Current Assets & Current Liabiities at Closing rate
Transations during the year (Expenses/Incomes) at average rage
Transactions between HO & Branch should be converted on the actual amount realised or spent
Long term liabilities & Fixed Assets should be converted at the rate prevailed on the date of contracting that liability or acquisition of asset
Difference in converted Trial balance should be taken to P & L account as a Gain or Loss in Exchange
Convert all
Opening Current Assets & Current liabilities at opening rate
Closing Current Assets & Current Liabiities at Closing rate
Transations during the year (Expenses/Incomes) at average rage
Transactions between HO & Branch should be converted on the actual amount realised or spent
Long term liabilities & Fixed Assets should be converted at the rate prevailed on the date of contracting that liability or acquisition of asset
Difference in converted Trial balance should be taken to P & L account as a Gain or Loss in Exchange
23 June 2008
Yes it should be reinstat at closing rate
23 June 2008
yes it is Correct. As per AS-11 (A/c for Foreing Ex. Rates Fluctuation)Foreign Exchane Payable / receivable should be marked to market on 31/03/2008.
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