Is it necessary to book exchange gain
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
13 March 2012
Is it necessary to book Exchange gain as per closing rate of usd on 31.03.12?
We booked Advance sale on Mr.X for $10000 @ Rs.47/-.Payment will be received in next FY after March. Suppose usd rate as on 31.03.12 will be Rs.50/-.
It is happening a notional gain of 3/- per usd. Is it necessary to book the exchange gain as per Accounting statndard?
We booked Advance sale on Mr.X for $10000 @ Rs.47/-.Payment will be received in next FY after March. Suppose usd rate as on 31.03.12 will be Rs.50/-.
It is happening a notional gain of 3/- per usd. Is it necessary to book the exchange gain as per Accounting statndard?
13 March 2012
If books are maintained on accrual basis then the exchange fluctuation gain should be booked and the effect should be given in the sales account.
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