This Query has 4 replies
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
This Query has 1 replies
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
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dear sir's
can any one tell me, how to obtain din number?
thanking you.
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Forex transaction