AS-11-accounting of difference in foreign exchange loss
This query is : Resolved
CA. Shiburaj K
(Querist)
09 February 2009
Example: Me has taken a loan from a Foreign bank=$10000 at that time the rate of 1 $ was Rs.45/- but now the rate has changed to Rs.50/- per $.
What are the actions that I should take in my Loan Account, Shall i revise my Loan a/c now with the present rate change?
How I should account the difference in the monthly repayments due to the present rate change?
What are the actions that I should take in my Loan Account, Shall i revise my Loan a/c now with the present rate change?
How I should account the difference in the monthly repayments due to the present rate change?
29 March 2012
The difference arising at the time of repayment shall be debited/credited to P&L account.
At year end the closing balance of the loan shall be reinstated at the closing rate and any exchange gain or loss shall be credited/debited to P&L A/c.
At year end the closing balance of the loan shall be reinstated at the closing rate and any exchange gain or loss shall be credited/debited to P&L A/c.
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