Hi an Imported assest should be capitaliised at the exchnage rate mentioned in the Bill of entry and not the payment rate . Just wanted to confirm where the same guidance is mentioned.
pawan valecha (CA) (38 Points)
30 May 2012Hi an Imported assest should be capitaliised at the exchnage rate mentioned in the Bill of entry and not the payment rate . Just wanted to confirm where the same guidance is mentioned.
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 30 May 2012
dear pawan,
you are absolutely correct in doing so. any differnce aftermath due to fluctuation of exchange rate should be routed to P&L a/c.
cheers
ganesh agarwala
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