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Exchange gain losss
what is accounting of exchange gain loss on import assets it's capitalised or not ?
Replies (6)
For capital assets it can be capitalized...
If the price grows expense it as a loss. If it decreases from the purchase date treat it as a gain.
Capital assets. It may be transferred to capital reserve as per financial accounts.
Exchange gain loss pertaining to FY 17-18 & it is currently open in outstanding creditor ledger can we close in FY 22-23 .
Fx gain or loss is directly taken to euity or oci depending upon the recycling, first, subsequent treatments and balances in revaluation reserves. It cant be a liability. Make a rectification and transfer it off.
If you meant owners equity ledger,
Dr. Owners equity
Cr. Reserves
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