Whether we have capitalize the exchange gain or loss in term of capital equipment purchased from abroad.
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Capitalization of import
Replies (2)
The exchange gain / loss has to be credited / debited to the Profit and Loss account. No need to capitalize.
Regards,
Devendra K
Exchange gains and loss is accounted in Other Comprehensive Income according to US GAAP. Under what head this comes under our Indian AS? Just Debit/Credit to P&L Account or under any specific head?
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