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regarding foreign exch. treatment on fixed assets

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(Querist)
22 September 2007 whether foreign exchange gain or loss arise on foreign exchange liability on fixed assets is debited or credited to p&l a/c or to fixed assets a/c.
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AjeshkumarM.P

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AjeshkumarM.P (Expert)
22 September 2007 There is no gain or loss is arise due to rate differance,the amount you paid for asset that is the actual value of asset
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CA Manish Iyer

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CA Manish Iyer (Expert)
22 September 2007 To Fixed Assets first and then show a reconciliation to show the deviation between AS 11 which requires all gain or loss of Forex fluctuation to be charges to P&L and Schedule VI to the Companies Act, 1956
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