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Forex transaction

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(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,
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Rupesh Jain

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Rupesh Jain (Expert)
08 June 2016 yes you have to take purchase and sale as separate transaction and book loss and gain, if any.
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C.A. Sandeep Wawhal

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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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