Re: Credit note in Foreign Currency, Other Topics

[PONNADA B K RAVIKUMAR]

We are importing soup in the month of april’10 and May’10 the Exchange rate in these months are Rs.43 per Euro and Rs.43.60 per Euro and accounted , after that these two consignments are rejected, so we got the Credit note dt 30.04.10,but we received in the month of Sept’10, so which rate we have to account this credit note

Posts / Replies

[GOPALJI AGRAWAL]

The date of credit note or month of receiving is not so important as the date of crystallisation of claim. The transaction should be recorded on the date on which the claim becomes certain.

[PONNADA B K RAVIKUMAR]

so what rate i have to account this credit note, whether @ 43 or 43.60, pls confirm sir