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      Question

      Under Ind AS 21, non-monetary items are to be valued at

      which of the following?
      A Exchange difference Correct Answer Incorrect Answer
      B Spot rate Correct Answer Incorrect Answer
      C Transaction date Correct Answer Incorrect Answer
      D Closing rate Correct Answer Incorrect Answer
      E Fair value Correct Answer Incorrect Answer

      Solution

      Under Ind AS 21, non-monetary items are generally valued at the exchange rate on the transaction date. This reflects the historical cost of the items in the currency of the transaction, without adjustment for later exchange rate movements.

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