AS 9,11
This query is : Resolved
16 December 2010
Dear sir.
When to recognise revenue in CIF transaction where contract is document through bank in export sales????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
Date of payment - 9/11/2010
And on what date foreign exchange convertion rate is to be taken????
When to recognise revenue in CIF transaction where contract is document through bank in export sales????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
Date of payment - 9/11/2010
And on what date foreign exchange convertion rate is to be taken????
16 December 2010
You have to book ur sales on date of invoice at the rate of foreign currency running on that date.
When the actual receipt come u have to again convert that currency into indian rupee at the rate running of that date.
The diff between value of invoice and actual receipt will be your forex gain or loss whatever it will be.....
When the actual receipt come u have to again convert that currency into indian rupee at the rate running of that date.
The diff between value of invoice and actual receipt will be your forex gain or loss whatever it will be.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
