Export sales valuation ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2013
M/s XYZ (Export Orientied Firms)

Sales > 1000 Euro on 1 April 2012 (Rate 69.70)
Sales Proceeds > 1000 Euro on 25 April 2012
(Rate 71.25)

At What Rate the sale will be Recorded ?
while making the Bill the amount will be Recorded in Euro or INR ?

NOTE : Is there any AS Governing the same ?

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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15 March 2013 Sale to be recorded on 1st April in INR - exchange rate 69.70

Amount received from party to be recorded at Exchange rate 71.25.

The difference between amount received and amount receivable to be credited to Exchange Fluctuation which will be treated as income in Profit and Loss Account.