Question
On 1st Jan, X Ltd. purchased machinery from USA for
$50,000 when exchange rate was ₹75/$ = ₹37,50,000. At balance sheet date (31st March), rate = ₹78/$. How should the machinery be valued?Solution
AS 11 requires monetary items to be restated at closing rate. Hence $50,000 × 78 = ₹39,00,000. Exchange difference = 1,50,000 → P&L.
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