Fly Ltd. made a sale of INR 7,00,000 to Wings International in May 2023 and recognised Trade Receivables which was initially recorded at the…
CA Intermediate · Advanced Accounting · MTP · January 2025
Fly Ltd. made a sale of INR 7,00,000 to Wings International in May 2023 and recognised Trade Receivables which was initially recorded at the prevailing exchange rate on the date of sales, transaction recorded at US$ 1= 79.4. The Company also took a loan from U.S Company for 10,00000 in December 2023 which was initially recorded at the prevailing exchange rate on the date of transaction, transaction recorded at US$ 1= 81.1. On 31st March 2024, exchange rate was US$ 1 = ₹_83.3
Suggested Answer and Working Notes:
Correct Answer: Option (C)
₹ 7,34,383 approx
Topics: AS 11
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