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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2014 if a company has done export sales and suppose it has billed 1000 usd @ 59 and received 950 usd @ 60. then at which usd we should apply the foreign exchange rate difference i.e. 1 ( 60-59). for the purpose of calculating foreign exchange fluctuation gain.kindly reply.
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Hitendra Jain

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Hitendra Jain (Expert)
09 July 2014 Para 7.15 defines reporting currency as “Reporting currency is the currency used in presenting the financial statements.”
Objective of the statement is “In order to include foreign currency transactions and foreign operations in the financial statements of an enterprise, transactions must be expressed in the enterprise’s reporting currency and the financial statements of foreign operations must be translated into the enterprise’s reporting currency.”
According to bill INR 59,000.00 have to be received and actual realization was INR 57,000.00. Accordingly net loss in foreign currency is INR 2,000.00.
Sundry Debtors or Bad Debts
USD 50 x 59 = 2,950.00
Foreign Exchange Gain USD 950 x 60-59 = 950.00
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