Foreign exchange gain/loss
This query is : Resolved
CA Arihant Kothari
(Querist)
07 April 2011
if i import goods by making advance payment then whether i should account for foreign exchange gain/loss or not?
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 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.
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