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Exchange loss or gain

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(Querist)
01 June 2008 What is best accounting practice on treatment of exchange loss or gain which is arises on import or export transaction.

Can we adjust the loss or gain through purchase or sale account?
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
02 June 2008 exchange loss/gain arising out of sale or purchase of products, have to be debit/credit in P&L as "exchange gain/loss" a/c. shud not be adjusted with purc/sale a/cs.
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