William Peter.a (CA Final ) (179 Points)
30 December 2009
one of our freind asked me regarding the accounting procedure of difference
in rate in foreign exchange payments.
Example:
June 16,09 Purchase from Korea 11525USD @ 47.90/USD
But payment made on 23.08.09 @ 46.87/USD
Kindly advice the accounting procedure for the difference.
ashish gupta
( student)
(1922 Points)
Replied 30 December 2009
Foreign Exchange Diff. will be credited to P&L A/c
ganapathy.b
(CA FINAL STUDENT Senior Accountant)
(51 Points)
Replied 30 December 2009
hi...
for details ... pl. ref. Accounting Standard -11. it ll help u..Files attached
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 30 December 2009
Foreign Exchange Fluctuation is covered under AS 11 and willbe accounted in P & L A/c.
CA Samkit Shah
(Service )
(38 Points)
Replied 12 January 2010
Foreign exchange difference Rs. 11870.75 shall be credited to P&L A/c
mayank kothari
(Article Assistant)
(35 Points)
Replied 23 June 2011
suppose i have purchased goods worth 50000 US $ @ 44.25 INRon 22/02/2011 but payment made in different financial year say 22/05/2011 so what will be the tratment in year 2010-11. should i make any provision and if yes what will be the base for it.........please explain me with example?
CAclubindia
