Forex Transactions
This query is : Resolved
03 March 2009
Hi,
We have reinstated the debtors balance at the year end and we recognised the exchange gain on that reinstatement.
Whether we have to reverse the entry made earlier? if so, why we should do like that?
We have reinstated the debtors balance at the year end and we recognised the exchange gain on that reinstatement.
Whether we have to reverse the entry made earlier? if so, why we should do like that?
24 September 2011
You do not have to reverse the earlier entry.
You will pass the following entry.
Debtors Dr.
Exchange Gain
Exchange Gain Dr
To P&L
You will pass the following entry.
Debtors Dr.
Exchange Gain
Exchange Gain Dr
To P&L
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