Forex transaction
This query is : Resolved
C.A. Sandeep Wawhal
(Querist)
06 June 2016
Dear Sir,
We have one international party from which we are purchasing as well as selling to it some goods and adjusting ledger against such transactions only without involving currency transaction. I want to know whether it is require to calculate forex gain loss and accounted for ? In my opinion, such adjustment should be made without giving effect to forex gain loss as per AS - 11. Please clarify.
Thank you,
We have one international party from which we are purchasing as well as selling to it some goods and adjusting ledger against such transactions only without involving currency transaction. I want to know whether it is require to calculate forex gain loss and accounted for ? In my opinion, such adjustment should be made without giving effect to forex gain loss as per AS - 11. Please clarify.
Thank you,
Rupesh Jain
(Expert)
08 June 2016
yes you have to take purchase and sale as separate transaction and book loss and gain, if any.
C.A. Sandeep Wawhal
(Querist)
08 June 2016
But there is no transaction involving use of currency for settlement. We have settled our dues against material supplied.
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