Ind AS 21 - Accounting of Foreign Exchange transactions

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Ind AS 21 - Accounting of Foreign Exchange transactions
Query (Issue) Started By: - Aitha RajyaLakshmi Dated:- 10-4-2017 Last Reply Date:- 24-4-2017 Accounting - Auditing
Got 1 Reply
Compani .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... es Law
What is the exchange rate to be adopted while booking in the Books of Account in case of Imports when advance has been paid. Eg - Advance paid on 01/03/2017 - 100$ ($ = 69) date of Bill o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f entry 10/03/2017 - 150 $ ($ = 70). At which exchange rate the entry shall be posted in the Books of Account? Reply By Govind Gupta: The Reply: in my view, the rate should be transaction date rate .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ( meaning when actual advance has been given and such amount both INR and USD will be available from the bank statement), also bill of entry date is not relevant as advance might have been paid befor .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e the good would have been received.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X