AS-11 ( Gain or loss on for ex)
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 September 2010
Whether gain or loss arising on Foreign creditors at the year end can be transferred to proviosn for foreign exchange loss or gain a/c instead of transferring the gain or loss to the respective party A/c's
08 September 2010
As per my experience the revaluation must affect the sundry creditors.I am keeping this open for further deliberation.
09 September 2010
My view, gain or loss need to be transfer to provison for foreign exchage loss A/c.we may not net off the difference in Creditors a/c
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