good day
i have a couple of questions regarding the treatment of certain items.I am in a shipping co located abroad-
1) is it right to revalue AP and AR of our principal which is in USD and some amounts in local currency, it is revalued to the exchange rate as on the Balance sheet date and the difference is booked in exchange difference?
2) we are also making remittance to our principal located in the middle east so that is also being booked in the AP as it is in foreign currency and the exchange gain or loss is booked on the transaction.This AP is again revaluad at the balanceheet currency rate.is it kind of a double booking because the realised gain or loss is booked and again the amounts in the AP are revalued
3) is depreciation calculated on royalty?
CAclubindia
