Foregin Currency transaction

[ahmedpk]

Dear Accountants or C.A plz guide me in the under below transaction



SuPPose i have a company and i do Business with Out-of country and they pay me in Dollars or Euro and i have a seprate bank account of Euro and Dollar i have not yet cash it in my home land currency which is Rupees.Amount is in the bank Now in my accounting Book what transaction will be debited and what should i credited.

[XBRL]

Dear ahmad

Kindly state the kind of the company and nature of your business. and the terms of transaction (i guess its juss like telling doctor that i have pain without telling him where the pain is.. just kidding)

Do u provide services or sale ur goods or its import export. Generally u may have two options, ( subject to what u tell me abt my questions) .

You may translate the foreign currency to local currency at the exchange rate prevailing at the date of transaction ( which is the date when as when ur business transation is completed and not when money is transferred)

(Others plz check it with this.......)

[ahmedpk]

Dear.

Can u tell me the Following of this method threw IAS. any website of IAS .......

[smraza]

Transactions in foreign Currencies are initially traslated into local currencies at the rates prevailing at the date of trasactions, suppose u have made a sale (in foreign currency) you should take the rate at the date of transaction, now you have some foreign currency in you account, and that is you asset, and that should be reported in balance sheet at the rates prevailing at the balance sheet date.
any exchange loss or gain arising out will be taken into current Profit and loss account.
you asked for the reference of IAS, IAS 21 summary is available on www.accountancy.com.pk.
follow the link.
http://http//www.accountancy.com.pk/refe....asp?id=28


SMR

[XBRL]

SMR that means as regard the recording rate is concerned i was rt.

[ahmedpk]

Thanks You All Budys for Guiding your Small Brother

And i will say Specially Thanks To Mr S.M.Raza who had give me the good reference i usually come on this website and just see what hot question i have no time to read full website but thanks to mr.Sm.raza
Who specily guide me

Basically i m fealing right now the great resposiblaty of AUDIT and i m very small all then u pplz so some time i get irritated of these questions so...Don't mind from my side.
If any one know the formate of

[ahmedpk]

Thanks You All Budys for Guiding your Small Brother

And i will say Specially Thanks To Mr S.M.Raza who had give me the good reference i usually come on this website and just see what hot question i have no time to read full website but thanks to mr.Sm.raza
Who specily guide me

Basically i m fealing right now the great resposiblaty of AUDIT and i m very small all then u pplz so some time i get irritated of these questions so...Don't mind from my side.