Sandeep Mishra (CA FINAL) (151 Points)
14 May 2010
Anand
(CWA (final) Asst Manager)
(49 Points)
Replied 16 May 2010
Sandeep,
The debtors / creditors or assets / liabilities standing in the books at the time of closing, should be reinstated at the closing rates with refernece to the provision of AS 11. The difference on a/c of gain/loss should be transfered to P&L A/c
For this purpose, the closing rate may be taken from RBI site.
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