We are a Public company. We have purchased $100 product from US. Bill date is 10/01/2016 --INR-65/$. It arrived/delivered to us on 25/01/2016 - INR-66/$. What should be recognition rate in accounts ? And why (please provide AS/ Act ref)
1 Replies
Ankita CWA Final Student
(Principle Internal Auditor)
(348 Points)
Replied 04 March 2016
FOR BOOKING PURCHASE YOU CAN TAKE BILL OF ENTRY DATE AS FOR FOREX RATE
FOR E/G INV DATE 12.02.16
B.E DATE 01.03.16
YOU CAN TAKE EXCHANGE RATE ON 01.03.16 AS A OURCHASE BOOKING RATE
Recent Topics
- File an Amended Income Tax Return to Exclude Polit
- FIFT TO HUF - SEC 64 & SEC 54 RELATED
- Selling my 12+ years old Private Limited Company
- 5 YEAR OLD DELHI ROC COMPANY
- GST Order to pay penalty without proof of wrongdoi
- TDS Applicability on Rent to KINFRA
- Profit & Loss Statement Analysis: Gross Profit
- PAYMENT OF RCM under gst
- Tally Entry On Accounting Payables
- When to register as a representative assessee?
Related Threads
CAclubindia
