If a company is a trading company for which import and export are routine transactions then Forex gain on such transactions is shown in P and L under which head. Whether Revenue from Operations or Other Income...?
Provided company has not to bear any forex loss on such transactions.
2 Replies
Aakash Gurbani
(Article Assistant)
(31 Points)
Replied 06 May 2019
Exchange gain/loss arising on foreign currency transactions and translation shall be recognised in the Statement of Profit or Loss on a basis. This means if there is net income, it is recognized in Other Income and in case there is net expense, it is recognized in Other expenses.
Recent Topics
- REGARDING GSTR-9 F.Y 2023-24
- Hs news agency from desh to an
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
Related Threads
CAclubindia
