AS-11-accounting of difference in foreign exchange loss
This query is : Resolved
CA. Shiburaj K
(Querist)
09 February 2009
Example: Me has taken a loan from a Foreign bank=$10000 at that time the rate of 1 $ was Rs.45/- but now the rate has changed to Rs.50/- per $.
What are the actions that I should take in my Loan Account, Shall i revise my Loan a/c now with the present rate change?
How I should account the difference in the monthly repayments due to the present rate change?
What are the actions that I should take in my Loan Account, Shall i revise my Loan a/c now with the present rate change?
How I should account the difference in the monthly repayments due to the present rate change?
29 March 2012
The difference arising at the time of repayment shall be debited/credited to P&L account.
At year end the closing balance of the loan shall be reinstated at the closing rate and any exchange gain or loss shall be credited/debited to P&L A/c.
At year end the closing balance of the loan shall be reinstated at the closing rate and any exchange gain or loss shall be credited/debited to P&L A/c.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Royalty payments to the Mining Department for procurement of murum - GST input
- Form 144 TDS Return Validation Error – Mandatory Fields
- IMS (import of goods) ITC related
- TDS- 2026-27 Q1 Correction
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GSTR9 Annual Return
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
