Loss & Profit on exchnge fluctuation
This query is : Resolved
29 March 2010
My Querry is ,
Loss or profir incurred by the assessee while paymennt of import is a part of trading or profit & loss account
Loss or profir incurred by the assessee while paymennt of import is a part of trading or profit & loss account
29 March 2010
PROFIT & LOSS ACCOUNT
29 March 2010
As per AS-11 Loss/Gain on Foreign Exchange Transaction is to be charged/Credited to Profit & Loss Account.
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