regarding foreign exch. treatment on fixed assets
This query is : Resolved
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.
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
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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