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Exchange gain & loss entry

This query is : Resolved 
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(Querist)
06 October 2012 Dear all

please explane me entry of Exchange gain & loss

if loss which gl effected
If profit which gl ettected & any material cost gl effect at the time of exchange entry passing
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Vineet

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Vineet (Expert)
06 October 2012 company create a separate gl as forex gain/loss and net impact in this account shows as forex gain/loss.
suppose we have foreign debtors and at the time of reinstating we realize that we have forex gain of rs 1 Lac , in that case entry would be
debtor account debit to 100000
forex gain 100000
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