AS 11 accounting Entries

Hello everyone

can anybody advise me on Accounting Entries that have to be passed for restatement of forward contracts,

we book our incomes n liabilities at forward rate itself, so what entries do i have to pass on 31st march for booking the diff.

Eg. we have sold usd 100000 and booked forward contract @ 46.1 on 1.1.2010 spot rate 45.75. on 31st march rate is 45.

1. sales a/c ..... Dr. 46,10,000 

      To Debtor A/c  46,10,000 

2.Forward exchange Premium A/c........  Dr. 35000

    To Profit & lossA/c 35000

What entries do i have to pass on 31.03.2010

Replies (1)

Dear Aditi,

Please see the attached file for your ready reference.

Hope dis wil clear ur doubt.

regards,

ratan

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