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Treatment in case of advance amount taken from foreign buyer(debtors) in Dollers Entries in the books.

Companies Law - Started By: - Mahendra L - Dated:- 11-1-2016 Last Replied Date:- 19-2-2016 - Dear Sir/Madam.,In case of Export of goods(by the Indian seller) we received payment in advance (from the foreign Buyer) in Dollars.Can we take this total advance amount received as sale value by converting in to Indian Rupees.on the date of sale. for avoiding foreign exchange gain/loss.What is the correct treatment.kindly suggest me with Accounting standard and New RBI Rules regarding foreign currency t .....

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n traced out answer from a query itself. It is an art. I am thrilled with your replies to this query. At the same time I hope questioner will not mind it. - Reply By YAGAY AND SUN - The Reply = Dear Mahendra,Please check following: Indian Accounting Standard (Ind AS) 115,Revenue from Contracts with Customers; Ind AS - 021 : The Effects of Changes in Foreign Exchange Rates Para B.8 (Advance Payments against Exports) of Master Direction - Export of Goods and Services issued by RBI on 01-01-2016.Ad .....

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