Foreign exchange gain/loss

This query is : Resolved

CA Arihant Kothari (Querist)
Follow

07 April 2011 if i import goods by making advance payment then whether i should account for foreign exchange gain/loss or not?

CA Ganpat Singh Rajpurohit

CA Ganpat Singh Rajpurohit (Expert)
Follow

07 April 2011 dear author

you have to calculate exchange gain/loss at the time of bill booked(goods received) and the same gain/loss transfered to P&L a/c.
if goods not received till end of b/s date, you have to revaluate advance payment as on that date as per exchange rate of that date and the same gain/loss transfer to p/l a/c.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

CA.Pinank Arvindbhai Shah

prakash takane

Vijay Singh

ashok jain

Subscribe Now

Foreign exchange gain/loss

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Accountant

Senior Executive

GST CONSULTANT