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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Closer of business and itc of capital goods
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- RCM and same line
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
