Transaction Regarding Foreign Currency
This query is : Resolved
01 August 2008
hi evvery body,
please answer the following with reasons
a company imported machinery from outside india, and the payment has been made by the banker of the company on producing the documents and there is no current liability regarding the transaction, but at the end of the year there are some outstanding LCs(in foreign currency) which were shown in contingent liability.
According to AS 11 we should not reinstate the asset for currency fluctuations, but asper the companies act
wht are the entries to be passed if to be reinstated
the asset should be reinstated
what is the course of action in this case please advise with reasons.
please answer the following with reasons
a company imported machinery from outside india, and the payment has been made by the banker of the company on producing the documents and there is no current liability regarding the transaction, but at the end of the year there are some outstanding LCs(in foreign currency) which were shown in contingent liability.
According to AS 11 we should not reinstate the asset for currency fluctuations, but asper the companies act
wht are the entries to be passed if to be reinstated
the asset should be reinstated
what is the course of action in this case please advise with reasons.
01 August 2008
Your question is not clear. How will there be outstanding L/C if payment has already been made?
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
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
