Treatment of exchange fluctuation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2012
Dear Sir,
We railed freight bill @ 54/USD & letter on rate reduced to Rs. 50/USD. Due to fluctuation we recd. Rs. 10,000/- less than sale value (bill amount).
1) How to show the short payment of Rs. 10,000/- ?
Is it shown as Dr./Cr. W/o
or we should book it as "foreign exchange fluctuation" in our P&L?
Thks
We railed freight bill @ 54/USD & letter on rate reduced to Rs. 50/USD. Due to fluctuation we recd. Rs. 10,000/- less than sale value (bill amount).
1) How to show the short payment of Rs. 10,000/- ?
Is it shown as Dr./Cr. W/o
or we should book it as "foreign exchange fluctuation" in our P&L?
Thks
17 June 2012
The amount of Rs. 10,000 shall be treated as foreign exchange fluctuation loss and shall be debited to P&L Account.
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