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we have paid 35849 Euros in march 2013 as an advance to buy spares from foreign and conversion rate is 82.40 in INR per Euro and what is the treatment in accounting at the time of settlement of transaction and the rate is 83.2a per and the date of delivery is 01april 14
Replies (1)
Depends on contract terms and nature of asset. Since, you had paid money in Euro, your expense towards asset is limited to what you had done at the time of advance payment.
If it is current asset, you'll need to revalue it as per current rateor if it is long term, keep it at historical rate.
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