i give advance to the party $ 100000 @ 45(total bill amount $ 200000)
goods is not dispatched
On closing $ is 47
whether i reinstated the account or not
tarun kumar garg (article) (45 Points)
30 September 2011i give advance to the party $ 100000 @ 45(total bill amount $ 200000)
goods is not dispatched
On closing $ is 47
whether i reinstated the account or not
CA RICHA BADALIA
(CA,CS)
(1682 Points)
Replied 30 September 2011
yes you have to reinstate the account at closing rate by transferring the difference to PL
CA Sachin Rastogi
(Audit/IFRS Manager)
(338 Points)
Replied 03 October 2011
Advance purchased for the goods is a non-monetary asset and thus not required to be revalued at revalued at each month end / reporting dates. I dont agree to Richa Bothra.
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