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How the balance in FCMITD A/c is transferred to p/l ?

Sibi Srinivasan

CA Final

★ 22K+

16-Jan-22 14:36

566

Answers (7)

Could you clarify your doubt please

Sudha Reddy

CA Final

★ 20K+

17-Jan-22 11:15

When there is forex loss, it is transferred to FCMITD. How the loss is then charged off to p/l over the years? Assuming the loss is big.

Thread Starter

Sibi Srinivasan

CA Final

★ 22K+

17-Jan-22 12:38

Over how many years? what is the basis?

Thread Starter

Sibi Srinivasan

CA Final

★ 22K+

17-Jan-22 12:45

Thread Starter

Sibi Srinivasan

Over how many years? what is the basis?

Based on the life of asset

Abhishek Purohit

CA Inter

★ 10K+

17-Jan-22 15:30

Abhishek Purohit

Based on the life of asset

OK. But in case the loan was for purchase of land. then how? since land has no fixed life.

Thread Starter

Sibi Srinivasan

CA Final

★ 22K+

17-Jan-22 15:40

Thread Starter

Sibi Srinivasan

OK. But in case the loan was for purchase of land. then how? since land has no fixed life.

Based on my understanding In case of non depreciable asset based on the tenure of loan . Let moderator clarify this

Abhishek Purohit

CA Inter

★ 10K+

17-Jan-22 15:49

Abhishek Purohit

Based on my understanding In case of non depreciable asset based on the tenure of loan . Let moderator clarify this

ok. thank you

Thread Starter

Sibi Srinivasan

CA Final

★ 22K+

17-Jan-22 16:05

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