a pvt ltd co receives a cheque in $ as advance for goods so at what rate it should be entered?
The rate on the day it was received or the rate it was credited to the bank a/c by the company bank.please explain
2 Replies
Vidya
(Student)
(789 Points)
Replied 13 September 2009
You can use the amount of actual credit in the bank as the rupee value of the cheque. There is no need to account for it one rate and pass the exchange rate fluctuation entry.
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