Exchange gain losss
kiran (accountant) (444 Points)
14 December 2022
what is accounting of exchange gain loss on import assets it's capitalised or not ?
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 14 December 2022
For capital assets it can be capitalized...
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 14 December 2022
If the price grows expense it as a loss. If it decreases from the purchase date treat it as a gain.
sabyasachi mukherjee
(27574 Points)
Replied 15 December 2022
Capital assets. It may be transferred to capital reserve as per financial accounts.
kiran
(accountant)
(444 Points)
Replied 15 December 2022
Exchange gain loss pertaining to FY 17-18 & it is currently open in outstanding creditor ledger can we close in FY 22-23 .
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 16 December 2022
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.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 16 December 2022
If you meant owners equity ledger,
Dr. Owners equity
Cr. Reserves
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
