What is the average rate and closing rate as per AS.11.pl.explain in the briefly manner.if possible with example.
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I hope, u r talking abut Exchange rate..
Let me tel u through an exmpl.
Suppose Accounting Year 2010-11, The Dollar exchange rate on 1-4-10 was Rs. 40 and on 31-3-11 is Rs. 45.
Average rate= (Exchange rate at the beginning of the financial year + Exchange rate at the end of the financial year) / 2
= (40+45)/2 = Rs.42.50
Cloasing rate= Exchange rate at the end of the financial year
=Rs. 45
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