Effect of as 11 on advance paid to supplier

This query is : Resolved 

20 October 2011 Plz. consider the following situation and suggest me your opinion
on 20.02.11 a Company paid Euro 500 to its foreign supplier. As on 31.03.11 amt. has not been adjusted as material has not been imported.
Doubt is that whether such advance shall be restated at closing rate or not?

21 October 2011 Yes, it needs to be re-stated at closing rate as per AS 11

21 October 2011 if import not take place then exchange difference will adjest.
but if import take place in future date then exchange difference can not adjest, because import amount will not changed in this case.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries