pls let me know in detail the entire process to book an import purchase in the books with respect exchange rate, duties payable & foreign exchange loss/profit .
and the difference between the exchange rate as at the date of the transaction and as at the date of settlement thereof should be recognised as income or expense, depending on the nature of the item to which the exchange difference(s) pertain, as per the requirements of AS 11,
Note:
if purchases is asset it should be adjusted to cost of asset as per AS11 and should not treat fluctuation as income or expence