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 transactions.
Thanking You.,
Regards.,
mahendra.L