Exchange gain/loss entry and accounting

Himanshu Dave (Learner) (55 Points)

24 August 2011  

Dear All experts,

 

Could you please explain me how to revalue any foreign currency receive via FIRC and how to account for the same.?

I mean to say when the exchange gain/loss entry should be passed what exchange rate should be taken into consideration? I will be good if any one can give me an example for the same.

Request you to please give response ASAP.

Thanks Himanshu