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Janani Subramanian (Employed)     08 June 2011

AS-11

If  i receive an advance for material to be supplied at a future date wat is the applicability of AS-11?

Eg. I receive 1000$ in the month of June 2011 which is equivalent to 45000 INR[ 1$= 45 INR] but i supply the goods i.e sales invoice is raised only on July 2010 on which day 1$=48 INR hw should i treat the difference of 3$ ??



 3 Replies

Manoj B. Gavali

Manoj B. Gavali (Tax Professional and in Service)     08 June 2011

Rs.3 per US$ is a exchange fluctualtion loss to you and should be expenses under the category Los on foreign exchaneg fluctuation.

 

Thanks and regards,

Manoj Gavali

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     08 June 2011

the difference will be treated as loss  and gain according to exchange rate

MANOJ SHRIPATI

MANOJ SHRIPATI (CA FINAL)     08 June 2011

ANY DIFFRENCE ARISING FROM FOREIGN CURRENCY SHOULD BE TRANSFERED TO A SPECIAL A/C CALLED FOREIGN EXCHANGE FLUCTUATION A/C...

IN UR CASE THE LOSS OF 3$ SHOULD BE DEBITED TO THE SAID A/C...


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