when Accounts of the subsidary are in $USD & Holding are in rupees. How to convert the accounts of subsidiary from US $ to Rupees so that the account of both co are consolidated in common currency.
Say Subsidiary is in Dollars& holding is in Rupees.
In that case you need to convert the figures of the subsidiary from $ to rupees as holding compnay is the reporting currency. You have to apply AS-11 for conversion of values. Further there are seperate conversion rates on varies nature of assets/liabilities/income and expenditures. Kindly keep that in note.
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