Accounting for for ex difference in fixed assets
This query is : Resolved
25 August 2012
Sir,
Imported Fixed Assets is accounted on the date of purchase @ prevailing currency rate on that date.
Later when payment is made in For ex.,the converted amount in Rupees differs.
Please let us know,that exchange difference is to credited/debited to Profit & Loss account or to the concerned asset itself.
Thanks
Siva
Imported Fixed Assets is accounted on the date of purchase @ prevailing currency rate on that date.
Later when payment is made in For ex.,the converted amount in Rupees differs.
Please let us know,that exchange difference is to credited/debited to Profit & Loss account or to the concerned asset itself.
Thanks
Siva
25 August 2012
it should be credited or debited to the profit and loss account,as the case may be..
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