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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Filling ITR - U
- Sales of goods of amount Rs97 lakhs to a party
- CREDIT NOTES WITHOUT GST
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
