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Exchange variation Loss
For the purpose of booking exchane variation loss/gain at d year end , does we have to use closing rates of RBI or the bank through whom we deal??
Replies (1)
Sandeep,
The debtors / creditors or assets / liabilities standing in the books at the time of closing, should be reinstated at the closing rates with refernece to the provision of AS 11. The difference on a/c of gain/loss should be transfered to P&L A/c
For this purpose, the closing rate may be taken from RBI site.
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