Accounting for Foreign Transactions

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Mayank Kothari (Querist)
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02 June 2010 I had purchased asset from canada..........my query is when should i record that asset in my books of accounts.....means on which date it should be recorded

bill date or date of bill entry???

please help..........

give reference for case law,if any,

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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02 June 2010 For booking of purchase of assets, the copy of bill of entry for home consumption is required which contain the invoice value in foreign currency and in indian rupee. All purchases is to be booked at the date of bill of entry for home consumption and at the value which is appearing on bill for entry.

For calculation of exchange fluctuation, value in foreign currency multiplied by the exchange rate minus value at which it was booked previously.

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Mayank Kothari

Mayank Kothari (Querist)
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09 June 2010 Thanks

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