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Accounting - Forex Gain or Loss

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

How to pass the Journal Entries for Forex Gain or loss? What are the procedures to be followed in accounting of Forex gain or loss?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

In case of Gain Sundry Debtors Dr. To Foreign Exchange Fluctuation a/c Dr. (Being gain on exchange fluctuation on sundry debtors as on 30.09.2015 taken into a/c) Note: Needless to mention that the balance in Foreign Exchange Fluctuation a/c would be transferred to Statement of Profit & Loss.

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Open uri20170510 32134 1ue0f38?1494421710 answered

Hi Friend, So far as your query is concerned that How to pass the Journal Entries for Forex Gain or loss? and What are the procedures to be followed in accounting of Forex gain or loss? Kindly below the accounting entries to be passed: IF THE FOREX GAIN/LOSS IS IN RESPECT OF ASSETS (SAY SUNDRY DEBTORS) AS ON 30.09.2015 ------------------------------------------------------------------------ **In case of Loss** Foreign Exchange Fluctuation a/c Dr. To Sundry Debtors (Being loss on exchange fluctuation on sundry debtors as on 30.09.2015 taken into a/c) **In case of Gain** Sundry Debtors Dr. To Foreign Exchange Fluctuation a/c Dr. (Being gain on exchange fluctuation on sundry debtors as on 30.09.2015 taken into a/c) Note: Needless to mention that the balance in Foreign Exchange Fluctuation a/c would be transferred to Statement of Profit & Loss. IF THE FOREX GAIN/LOSS IS IN RESPECT OF LIABILITIES (SAY EXTERNAL COMMERCIAL LOAN) AS ON 30.09.2015 ------------------------------------------------------------------------ **In case of Loss** Foreign Exchange Fluctuation a/c Dr. To External Commerial Loan a/c (Being loss on exchange fluctuation on External Commerial Loan as on 30.09.2015 taken into a/c) **In case of Gain** External Commerial Loan Dr. To Foreign Exchange Fluctuation a/c Dr. (Being gain on exchange fluctuation on External Commerial Loan as on 30.09.2015 taken into a/c) Note: Needless to mention that the balance in Foreign Exchange Fluctuation a/c would be transferred to Statement of Profit & Loss. So far as your query is concerned that What are the procedures to be followed in accounting of Forex gain or loss? Kindly elaborate your question separately as in what is your exact requirement, so that proper guidance can be given. Thanks & Regards

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Data?1494421738 answered

Foreign Exchange gain is profit to us so its increase profit the entry is P&L a/c dr to Foreign exchange diff a/c If it is Loss the entry like Foreign exchange diff a/c dr to P&L a/c

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