Query regarding as-11

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
03 September 2011 Sir i want to know whether AS-11 is applicable to proprietorship business also.
Sir in the said business there are foreign debtors of 10000 dollars which are recorded in the books around Rs. 25000000 whether they are required to be revalued as per AS-11 at the closing rate on 31.03.2011 and the difference to be charged to profit and loss account.

03 September 2011 Yes, As-11 is also applicable on Proprietorship business,

hence, difference to be charged to profit and loss account.

03 September 2011 As per the preface of AS .. the AS recommended by icai are applicable to all level 1 2 and 3 entities who are other then SMC's and NON SMC'S hence ... Proprietors too have to follow AS 11 in this transaction




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries