#1 Accounting of Transaction of Foreign Currency TYBCOM SEM 6 | SYBAF

#1 Accounting of Transaction of Foreign Currency TYBCOM SEM 6 | SYBAF

AS 11 deals with
1) Accounting for transactions in foreign currencies;
2) Translating financial statements of foreign operations to reporting currency
3) Accounting for foreign currency transactions like forwarding exchange contracts

Forex lecture series:
Part 1 - #1 Accounting of Transaction of Forei...
Part 2 - #2 Accounting of Transaction of Forei...
Part 3 - #3 Accounting of Transaction of Forei...
Part 4 - #4 Accounting of Transaction of Forei...
Part 5 - #5 Accounting of Transaction of Forei...
Part 6 - TYBCOM SEM 6 Financial Accounting For...

a) Transaction date rate: exchange rate as at the date of transaction
b) Closing Rate: exchange rate as at the Balance Sheet date.
c) Average Rate is the mean of the exchange rates in force during a period.
d) Reporting Currency: currency used in presenting the financial statements
e) Foreign Currency: currency other than the reporting currency of the enterprise
f) Foreign Operation: is a subsidiary, associate, joint venture, or branch of a reporting enterprise, the activities of which are based or conducted in a country other than the country of the reporting enterprise.
g) Monetary items: Money held and assets and liabilities to be received and paid in fixed or determinable amounts of money.

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BCOM Lecture Series (Playlist)
TYBCOM Sem 5 Mumbai University | Onli...

Video Presented by :
Prof. Tauseef Khan
M.Com - Accountancy
M.Com - Management
MBA
UGC - NET

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Timecodes
0:00 - Intro
0:08 - Concepts of Forex
1:11 - Example
6:06 - How to make Working notes
8:41 - Logic Behind Journal Entries
12:01 - Concept of FEF Account
13:10 - Solution of Problem

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