Treatment of advance received against export
This query is : Resolved
04 June 2015
In case of Pvt Ltd Co.,Our client have received certain Advances in foreign currency & converted the same in Indian Currency in our books against export of Goods to overseas Buyers.However such export orders have been cancelled & accordingly forfeit the same & considered our income.
Now query is whether this is correct so far FEMA is concerned & if correct then in which accounting Head the same has to be shown as income.
For your Kind information my client has credited to Sundry Balances W/off Account.
As the amount involved is in nearly 5 Lakhs
so what has to be followed as per accounting concept.
Now query is whether this is correct so far FEMA is concerned & if correct then in which accounting Head the same has to be shown as income.
For your Kind information my client has credited to Sundry Balances W/off Account.
As the amount involved is in nearly 5 Lakhs
so what has to be followed as per accounting concept.
04 June 2015
This is correct inform RBI. Account it under other income.
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