Foreign exchange loss

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..... A co. received advance in USD from its foreign customer during the previous year. The said advance in reflected in the balance sheet ( Curr.Liab.) as Advance from customer. The said amount is credited .....

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..... in the bank account in INR. As on the date of Balance Sheet,as a result of exchange fluctuations, the liability to the customer increases with devaluation in rupees. Whether such Exchange loss should .....

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..... be accounted in the books as on the date of balance sheet and whether such exchange loss will be allowed as a revenue loss in the year of receipt. The said advance is cleared in the suceeding year by .....

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..... supply of material. - Reply By Surender Gupta - The Reply = For this purpose, you need to refer the Accounting Standard for revenue recognition and so. - Foreign exchange loss - Query Started By: .....

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..... - surendra joshi Dated:- 2-1-2008 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - .....

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..... taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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