Fixed assets
This query is : Resolved
19 September 2011
What is treatment for Purchase of Fixed assets in foreign exchange in following situation
1.During the FY
2.On 31/3/2011
urgent
1.During the FY
2.On 31/3/2011
urgent
19 September 2011
Fixed asset will be stated at the value of purchase and if any payment is outstanding towards value of asset than Foreign Exchange Fluctuation effect will be require to given.
29 September 2011
well asset will be recorded at the price in Indian currency what is paid for the same
29 September 2011
if the price of the forighn asset is paid in cash then no question arises for the adjustment as on 31 March
29 September 2011
the adjustment is required to be done only when the foreign asset is purchased on credit only
29 September 2011
in case the asset is purchased on credit in foreign currency then in such case, the closing balance of the liability is required to be valued at the currency rate as on 31 march ans the difference in the exchange rate is reqd to be charged as exchange loss/profit and to be transferred to p/l A/c
29 September 2011
as per latest as -11 provions, noo revision is reqd to made in the carrying cost of the asset
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
