Re:my previous query regardung AS11
This query is : Resolved
04 June 2010
31/03/2010
part a/c dr 500*(48-45)
*foregn Ex gain /loss (C.L) 500*(48-45)
CA Shivang.
in the above entry i have credited foregn Ex gain /loss (Current .Liability) 500*(48-45)
but as per your suggested entry ie
Bank (40*46) dr
Loss on FOREX (40*2)
To party a/c/ debtor account (40*48)
*Ex gain /loss (Current .Liability) 500*(48-45)
this enry is not set off.
so please suggest
with regards
raaj
part a/c dr 500*(48-45)
*foregn Ex gain /loss (C.L) 500*(48-45)
CA Shivang.
in the above entry i have credited foregn Ex gain /loss (Current .Liability) 500*(48-45)
but as per your suggested entry ie
Bank (40*46) dr
Loss on FOREX (40*2)
To party a/c/ debtor account (40*48)
*Ex gain /loss (Current .Liability) 500*(48-45)
this enry is not set off.
so please suggest
with regards
raaj
04 June 2010
Dear Raj,
Foreign exchange gain/loss is an item of p&L a/c and not current liabilty.
So on 31st March,2010, the following entry should be passed:
Customer A/c Dr. 500*(48-45)
To Foreign Exchange Gain (P&L) 500*(48-45)
If the part payment of recievables has been received during the year and no interim financials are required to be prepared, then the next variation due to forex has to be booked either at the time of final realisation or year end, whichever is earlier and gain/loss has to be booked accordingly in the P&L a/c.
Foreign exchange gain/loss is an item of p&L a/c and not current liabilty.
So on 31st March,2010, the following entry should be passed:
Customer A/c Dr. 500*(48-45)
To Foreign Exchange Gain (P&L) 500*(48-45)
If the part payment of recievables has been received during the year and no interim financials are required to be prepared, then the next variation due to forex has to be booked either at the time of final realisation or year end, whichever is earlier and gain/loss has to be booked accordingly in the P&L a/c.
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