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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
