Forex gain/loss
This query is : Resolved
30 May 2019
Dear Sir/Madam,
There is debit balance of Rs.13,450/- as forex gain in party's ledger.
What does it mean ?
Do we have to collect it from party as receivable ?
Please advise.
There is debit balance of Rs.13,450/- as forex gain in party's ledger.
What does it mean ?
Do we have to collect it from party as receivable ?
Please advise.
06 June 2019
you need to transfer the same to P & L
06 June 2019
Dear Amol Sir,
Please advise how to transfer to P & L in order to make party's ledger nil.
Please advise how to transfer to P & L in order to make party's ledger nil.
07 June 2019
You said you have debit balance of Rs.13450/-. It means there seems to be loss.
Debit Foreign exchange Loss
Credit Party's account
Debit Foreign exchange Loss
Credit Party's account
07 June 2019
Dear Amol Sir,
In our books of account, entry is as below.
Party Account ......Dr
Forex Gain/Loss ......Cr.
So there's confusion what to do.
Please advise.
In our books of account, entry is as below.
Party Account ......Dr
Forex Gain/Loss ......Cr.
So there's confusion what to do.
Please advise.
07 June 2019
then what is the issue?
The gain is already transferred to P & L
Why is it showing debit balance of 13450/-
The gain is already transferred to P & L
Why is it showing debit balance of 13450/-
07 June 2019
How to nullify party's ledger because it's not receivable ?
07 June 2019
then may be, the entry is recorded twice.
07 June 2019
It's not double entry.
10 June 2019
I think we are making some basic confusion......Can you please redraft your query?
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