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accounting of imported machinery

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(Querist)
09 July 2009 At present what would be treatment of imported machinery. whether the difference in exchange rate between the date of purchase and date of payment would be charged to profit & loss account or would be adjusted against the cost of asset
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UMA SHANKER SHARDA

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UMA SHANKER SHARDA (Expert)
11 July 2009 As it is a matter of capital goods, hence it exchange diff should also be capitalised.

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