We have imported some raw materials and capital goods in USD.We need to book them in our books in INR.I need to know the day of which conversion rate i can use to book the entry. I am considering on two options:
1)The conversion rate of the day on which we received the material in our factory premises.
2)The conversion rate mentioned in the bill of entry.
Please suggest,which option is right.
RESPECTED SIR,
WHAT IS THE MEANING OF "difference is capable of reversal in subsequent periods", "Permanent Difference", "Temporary difference", "virtual certainty" & "real certainty" IN ACCOUNTING STANDARD 22.
REGARDS,
PRABHAKAR
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