Exchange fluctuation

This query is : Resolved 

30 May 2014 I imported a Machinery and sent full payment in advance @Rs.89 to a Euro. When the machinery was imported into the Country, customs valued the machinery @Rs.86 to a Euro.

At what value should I take machinery into my books of account at the value I remitted or at the value which custom officials have taken

30 May 2014 At "Actual Cost" In your case, it looks like 89....(Unless ofcourse you got any refund thereof)

30 May 2014 Can you please explain quoting the relevant AS


30 May 2014 what is the issue Sanjeev? There is no amguity of whatsoever nature in finding out the "actual cost"....no need to quote any text from AS

30 May 2014 I export jewellery to a foreign buyer. At the time of export rate of Dollar was Rs.62.00. When I received the payment rate of Dollar was Rs.60.00. Should the exchange difference be debited to P & L Account or should I reduce sale .

31 May 2014 Difference debited to p& l a/c under head ERD ACCOUNT



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