Debtors in Foreign Exchange...Urgent Sir
This query is : Resolved
17 August 2010
Dear Experts,
While there is sundry debtors receivable in foreign exchange due to export sale in the balance sheet. Should i have to restate the balance receivable from sundry debtors as the close rate of the balance sheet date.
The profit or loss has to be transferred to Exchange Difference a/c. Then the Exchange difference a/c will be transferred to P&L A/c.
Am i right?
Experts opinion will be highly appreciated.
With regards,
Rajesh.
While there is sundry debtors receivable in foreign exchange due to export sale in the balance sheet. Should i have to restate the balance receivable from sundry debtors as the close rate of the balance sheet date.
The profit or loss has to be transferred to Exchange Difference a/c. Then the Exchange difference a/c will be transferred to P&L A/c.
Am i right?
Experts opinion will be highly appreciated.
With regards,
Rajesh.
17 August 2010
Yes you are right.
Morever this entry needs to be reversed nexr year.
Morever this entry needs to be reversed nexr year.
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