Provision for making foreign payment - as 11
This query is : Open
21 December 2012
A company needs to make membership contribution to an institute outside India of 1000 US Dollars The membership period is from January to December of the Calender year... The invoice date is mentioned as 5th march and received to accounts after closure of books the payment is made in the month of May of the respective financial year...
While closing the entries in the books for March, the outstanding provision has made without considering the exchange rate of Rs.3,75,000/- (April to December) and Rs.1,25,000/- to the expenses (January to March)
After the final payment the outstanding amount was nullified and the balance is booked to the expenses without looking into foreign exchange fluctuations...
Please advise, whether foreign exchange loss to be booked for the above transaction in the books??? Is there any deviation from AS 11
While closing the entries in the books for March, the outstanding provision has made without considering the exchange rate of Rs.3,75,000/- (April to December) and Rs.1,25,000/- to the expenses (January to March)
After the final payment the outstanding amount was nullified and the balance is booked to the expenses without looking into foreign exchange fluctuations...
Please advise, whether foreign exchange loss to be booked for the above transaction in the books??? Is there any deviation from AS 11
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
- Inventory of finished goods
- GST Regis.
- Tds on building rent monthly
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- 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
