Dear Expert,
we are exporter of goods , at the time of finalization of books of account, we have restated closing debtors and creditors at given closing rate and transfer all gain and loss in foreign exchange gain/loss account under grouping other income.
when we start next year accounting then how to treat that foreign exchange gain/loss account while receiving from debtors as well paying to creditors.
kindly explain....
CAclubindia
