i give advance to the party $ 100000 @ 45(total bill amount $ 200000)
goods is not dispatched
On closing $ is 47
whether i reinstated the account or not
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Foreign exchange fluctuation
Replies (2)
yes you have to reinstate the account at closing rate by transferring the difference to PL
Advance purchased for the goods is a non-monetary asset and thus not required to be revalued at revalued at each month end / reporting dates. I dont agree to Richa Bothra.
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