foreign exchange loss!
This query is : Resolved
19 August 2008
We have paid 1000$ to our employee for his foreign trip by purchasing with exchange rate of Rs.42/-. After his trip, he has submitted TA bill and returned $200 to us and we submitted the same to bank @Rs.40.What we have to do with this Rs.2 X 200=Rs.400 foriegn exchange loss.
19 August 2008
yes, this will have to be acoounted as exchange loss.
19 August 2008
Transfer this loss into Profit & Loss Account as 'Exchange Rate Fluctuation Loss'
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