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
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 .
CAclubindia
