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Accounting for Import


PRIYA PRASHAR (.)     26 January 2020

PRIYA PRASHAR
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Firm has booked an import purchase itself in dollars mistakenly in the year 2014-15. It has discovered the same in FY 2019-20. Whether it will dr.the purchase account with the shortfall amount and at which exchange rate i.e. current or prevailing rate at that time?




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