As-11

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2011 Can foreign exchange loss on long term foreign currency borrowing this year, for purchase of plant & machinery be debited to P/L A/c?????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 December 2011 Gain/loss arising due to foreign exchange fluctuations has to be credited/debited to the Profit & Loss Account, even if the payment relates to a fixed asset.

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2011 Thanx...but as pe schedule VI it has to be capitalised and it is mentioned that schedule VI prevails over AS. can u please give me the source of the information given by you.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 December 2011 Schedule VI has been revised. Revised Schedule VI provides that AS shall prevail over Schedule VI.

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