Please suggest the accounting in the following case
A company had paid the amount in Indian ruppes on behalf of foreign company .Now whether the amount paid in rupees will be converted in foreign cuurency and also at the year it is unpaid by foreign company can the same be converted in converion rate of foreign cuurrency at the closing date of the account
if you paid the amount in INR even on behalf of foreign company there is no need to reinstated the balance.
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CCI
Pro
CAclubindia
