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Foreign Exchange gain

This query is : Resolved 
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(Querist)
04 March 2009 Dear All,

X company had sent 100000 US$ @Rs.40/$ towards share application money in the month of may 08. In February they have received 50000 US$ @ Rs.50/$ towards returning of share application money.

Kindly let us know whether Diffarence of Rs.10/- per USD on 50000 $ needs to be taken as Forex gain or can we credit the same to Share application money account.

Please quote the answer with refarence to AS or any other pronouncement.

Thanks in advance,
Hari Krishna
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
29 March 2012 As per AS-11 any exchange gain arising due to foreign exchange fluctuations has to be credited to P&L account.
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