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M/s. Power Track Ltd purchased a plant for US $ 50,000 on 3st October, 2017 payable after 6 months. The company entered into a forward contract for 6 months @ 64.25 per Dollar. On 31st October, 2017 the exchange rate was 61.50 per Dollar. The profit or loss on forward contract for the year ended 31st March, 2018 is

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The syllabus (with weightage):
A. GAAP and Accounting Standards 20%
B. Accounting of Business Combinations & Restructuring 20%
C. Consolidated Financial Statements 20%
D. Developments in Financial Reporting 25%
E. Government Accounting in India 15%


M/s. Power Track Ltd purchased a plant for US $ 50,000 on 3st October, 2017 payable after 6 months. The company entered into a forward contract for 6 months @ 64.25 per Dollar. On 31st October, 2017 the exchange rate was 61.50 per Dollar. The profit or loss on forward contract for the year ended 31st March, 2018 is






 
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