Closing foreign currency have to conert in Rupees for Bal. Sheet at closing rate on 31/03/2008. But should we also convert the unclear transaction at closing rate?
Example: Closing Rate = Rs.40/$
On 29.03.08 Cheque issued for $1000 @Rs. 38/$ but not clear till 31st March. Should we book the exchange difference for Rs,2 in books for unclear transaction as per AS-11. Please guide

Hi Experts,
If we are considering a mutually exclsive projects based on IRR, what is the criteion? Is it the project with the higher IRR to be selected or the lower IRR? Thus the concept of IRR is the same as ROI? please clarify

how to incorporate bank interest earned from foreign bank a/c which is not shown in the books

IF MR X INTRODUCES HIS VEHICLE PURCHASED BY HIM 3 YRS AGO FOR RS 5,00,000.00 IN HIS PROPRIETORY BUSINESS WHAT SHOULD BE THE VALUE OF THE INTRODUCTION. ALSO IF THE RATE OF DEP AS PER THE I.T ACT IS TO BE APPLIED THAN SHOULD WE CONSIDER THE 182 DAYS CRITERIA.

May i know best way to reconcile the bank statement.

Can any one guide me about the accounting treatment of the FOREIGN EXCHANGE TRANSACTION? The details of the transaction are as mentioned below;

Purchase Order of Machinery
07.06.07
Euro 100
Ex. rate : Rs. 54/euro

Advance payment
11.06.07
Euro 20
Rs. 54.95/euro

LC issued
15.11.07
Euro 80
Rs. 56/euro

1st Invoice date
31.12.07
Euro 70
Rs. 57/euro

Payment against 1st invoice
18.02.07
Euro 60
Rs. 58.42/euro

2nd Invoice
31.01.08
Euro 30
Rs. 57.75/euro

Payment against 2nd Invoice
07.03.08
Euro 20
Rs. 62/euro

Erection & Commissioning Adv payment
03.04.08
Euro 5
Rs. 62.60/euro

Invoice of Erection & Commg.
30.04.08
Euro 5
Rs. 64/euro

I have recorded the payments at actual amount paid.

Now I am confused about the accounting of fixed assets that at which rate I shall account the both invoice and how to adjust the difference arising due to exchange difference?


Thanks & Regards
Rohit Boraniya

dear sir's

please forward me practical qucstions in accounting standard i am a pcc student.MY ID IS aadi.babu@yahoo.com


thank u

Please guide me whether it is compulsory for proprietary concern to maintain their accounts on Cash basis ?

Thanks,
Abhishek Jain

What are the key performance indicators(KPI) normally set for finance / accounts people ?

Kindly send me if you have any documents on KPI.s

Thanks and regards,

Anil.
nkanil@rediffmail.com

Dear sir.

I am an accountant, please discribe me about DEPB Licence.
How i can provisoin for DEPB Licence and other rules.