Advanced AccountingMCQQuestion 5933 of 302
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8. Ascertain the loss/gain due to change in foreign exchange rates to be recognised in the financial statements for the year ended 31st March, 2024 as per 11.

Select Your Answer (Keyboard: A, B, C, D)
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Correct Answer

✅ Option A — ₹ 2,50, 000 Exchange gain should be credited to profit and loss account.

All Options:

  • A₹ 2,50, 000 Exchange gain should be credited to profit and loss account. ✓
  • B₹ 5,00,000 Exchange gain should be credited to profit and loss account. (c) ₹ 5,00,000 Exchange loss should be debited to profit and loss account.
  • C
  • D₹ 2,50,000 Exchange loss should be debited to profit and loss account.

Detailed Solution & Explanation

Correct Answer: Option **A** Explanation: As per the official suggested answer, option **A** is correct. Hence, **Option A** is the correct answer.

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