alleryStart learning →Plant bought for USD 20,000 when the rate was Rs 70; closing rate is Rs 74. Plant value?
ARs 14,40,000
BRs 14,00,000
CRs 1,40,000
DRs 14,80,000
Answer & Solution
Correct answer: B. Rs 14,00,000
Plant is non-monetary at historical cost, so it stays at 20,000 x 70 = Rs 14,00,000 whatever the closing rate.
Keep practising AS 11 Foreign Exchange
Browse all AS 11 Foreign Exchange questions for CA Inter, or explore more Accounting topics.
Related questions
Sales prices set mainly by local competition or regulation point to aAn active local sales market for an operation's products suggests it isUnder the long-term item option, differences on a depreciable asset areA foreign currency item is a long-term monetary item if its term at origination is at leasParagraph 46A covers accounting periods commencing on or afterThe paragraph 46 option for long-term monetary items applies from periods starting on or aBesides transactions and foreign operations, AS 11 coversPresentation of foreign currency cash flows in a cash flow statement is covered by