Forward booking exchange gain loss
This query is : Resolved
CA Chintan Parikh
(Querist)
06 August 2012
Dear Sir,
My Client aving a Export Business and on the basis of the same he book forwad contract.
Suppose on 31st march 2012 having a 300000 $ forward contract ( Sale ) than kindly suggest me that forward contract gain /loss book on the base rate on 31st march 2012 or not
if book than What entry to be passed Gain than foreign Exchange Gain A/c Cr than What is to be debit
My Client aving a Export Business and on the basis of the same he book forwad contract.
Suppose on 31st march 2012 having a 300000 $ forward contract ( Sale ) than kindly suggest me that forward contract gain /loss book on the base rate on 31st march 2012 or not
if book than What entry to be passed Gain than foreign Exchange Gain A/c Cr than What is to be debit
Amol S Joglekar
(Expert)
06 August 2012
Gains not to be booked LOSSES, if any to be booked. Refer the accounting standard.
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