25 February 2013
Sir, i have doubt on entry booking on imports and exports,
So please clarify,
1)on which date import purchases are to be booked in our books, and which rate of exchange we have to use
2)on which date export purchases are to be booked in our books,and which rate of exchange we have to use to book entry in our books,
Please support your answer by giving some accounting-standard reference,or some circular on accounting import and exports
i am giving my opinion based of as9 risk rewards of ownerhip, but he is expecting a circular like that for his reference, for what date have to use for entry booking what exchage rate have to take for that entry
06 March 2013
But in my client place client is passing entries based on exchange rate of RBI as on invoice date of supplier and claiming this as correct treatment, how can i proove his practise as false practise.
even i asked him to book on custom exh.rate but he asking proof,what proof i can give to him,except accounting standard on revenue recognition,
yes, i already seen ur file on entries on exports and imports
06 March 2013
he is too right but DGFT PROVIDE YOU EXPORT INCENTIVE ON FOREIGN CURRENCY WHICH IS MENTIONED IN BRC COLUMN NO.14 FOR EXPORT PURPOSE......
CAclubindia
