AS 11

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2011 if 100$ paid as advance to emplooye by purchasing at the rate of 45 but expense made is $100 on the day on which exchange rate is 47 whether exchange loss arises in such case? since advance is made in $ currency and expense also made in $ currency.



03 February 2011 Advance is non-monetary item. AS is not applicable on advance. Book the exp on @ Rs. 45.



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