As 11

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 OUR CO HAVE A EXPORT ORDER. AS PER ORDER TERMS 20% OF CONTRACT VALUE WILL BE RECEIVED AS ADVANCE PER YEAR & ENTIRE ORDER VALUE WILL BE RECEIVED AS AN ADVANCE BEFORE DELIVERY.NOW WE HAVE RECEIVED 20% IN THIS YEAR. MY QUESTION IS WHETHER SUCH ADVANCE SHOULD RESTATE USING CLOSING RATE ON B/S DATE.
PLS HELP.

sudarshan

sudarshan (Expert)
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20 February 2013 yes. all monetary assets and liabilities are to be restated

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Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 Sir as per as 11 Monetary items are money held and assets and liabilities to be
received or paid in fixed or determinable amounts of money.so why advance received from vendor is required to restate if we have no doubt that we can deliver the goods in time & there is no question of refund . is it due to conservative principal or as per specific prov for As 11

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