We are a Public company. We have purchased $100 product from US. Bill date is 10/01/2016 --INR-65/$. It arrived/delivered to us on 25/01/2016 - INR-66/$. What should be recognition rate in accounts ? And why (please provide AS/ Act ref)
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Forex recognition date for purchase.
Replies (1)
FOR BOOKING PURCHASE YOU CAN TAKE BILL OF ENTRY DATE AS FOR FOREX RATE
FOR E/G INV DATE 12.02.16
B.E DATE 01.03.16
YOU CAN TAKE EXCHANGE RATE ON 01.03.16 AS A OURCHASE BOOKING RATE
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