As 11
This query is : Resolved
29 March 2012
On realisation of proceeds of export sales which were discounted, the remitters' foreign bank has levied certain charges which is reduced from the remittance amount and balance is remitted to receivers' bank account:
What would be the treatment of this amount as reduced by foreign bank:
a.Finance Cost booked under Bank Charges
b. Reduction in Receivables
c. Reducing this amount while calculating the FX Gain/Loss
Kindly advise.
thanks
What would be the treatment of this amount as reduced by foreign bank:
a.Finance Cost booked under Bank Charges
b. Reduction in Receivables
c. Reducing this amount while calculating the FX Gain/Loss
Kindly advise.
thanks
11 May 2012
It will be treated as bank charges.
11 May 2012
Agreed with Siddhartha. The same needs to be treated as Bank charges.
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