Advance in foreign currency

We have paid advance in foreign currency to buy a asset, expected delivery of asset in after one year only.

We have revalued the open advance as per applicable closing exchange rates.

Pls suggest is this treatment correct ?

EX : paid $1000 advance (ex rate was 50) we recorded 50,000 advance in books.

in March'12 ex rate was 55 - Can we show 5,000 (5*1000) as gain to P&l ??