The debit or credit balance of "Foreign Currency Monetary Item Translation Difference Account"

CA Intermediate · Advanced Accounting · RTP · January 2025
The debit or credit balance of "Foreign Currency Monetary Item Translation Difference Account"
(A) Is shown as "Miscellaneous Expenditure” in the Balance Sheet
(B) Is shown under "Reserves and Surplus" as a separate line item
(C) Is shown as "Other Non-current" in the Balance Sheet
(D) Is shown as "Current Assets" in the Balance Sheet

Suggested Answer and Working Notes:

Correct Answer: Option (B)

Is shown under "Reserves and Surplus" as a separate line item

Topics: Preparation of Financial Statements

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