AS11 Accounting treatment forex advance used 4 personal use.
This query is : Resolved
21 April 2011
Forex given for foreign tour 100$
Official spent 70$
personal spent 30$
to recover 30$ from employee whether exchage rate applied should be the date of forex advance given or date of settlement.
If answer is date of forex given just for not taking exchange gain/loss of personal expenditure in company account then what if employee purchase the same from open market and surrender 30$ to company. In this case Gain/Loss has to be recognised in settlement at the time of surrender.
Official spent 70$
personal spent 30$
to recover 30$ from employee whether exchage rate applied should be the date of forex advance given or date of settlement.
If answer is date of forex given just for not taking exchange gain/loss of personal expenditure in company account then what if employee purchase the same from open market and surrender 30$ to company. In this case Gain/Loss has to be recognised in settlement at the time of surrender.
28 May 2011
Rate on the date of settlement has to be used as these are monetary items. Any gain or loss on Forex will be taken to P&L
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?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
