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Foreign exchange loss or profit

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 March 2012 my client has business of timber. he import timber and there is foreign exchnage
loss what will be the accounting treatment or if there were foreign exchange gain then what will be the accounting treatment and how it will be shown in revised schedule vi
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 March 2012 As per AS 11, any gain or loss arising due to fluctuation in exchange rates has to be credited/charged to P&L Account.
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