18 June 2008
i have the following 3 queries on AS11:-
1 Is reinstatement of advances paid necessary under AS11?
2 Can forex gain/loss be adjusted against cost of fixed assets ?
3 To buy an asset a certain amt is paid as full & final payment.Should the cif value of the asset as on bill of entry dt. be considered as its cost or should the amt paid be its cost?also plz suggest the a/cing treatment for your view?
18 June 2008
1.Reinstatement of advances paid is necessary under AS11. 2.Yes you have to do that 3.CIF value of BOE is to be considered as cost.Also You have to reinstate the value of asset at the rate of exchange value of that year end
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