Fair White Limited is a FMCG company largely catering to domestic markets. During the year 201617, it

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Fair White Limited is a FMCG company largely catering to domestic markets. During the year 2016–17, it received its maiden export order for $ 2 million for supply of fairness cream to USA. The order was duly executed on 1st November 2016. The supplier was allowed a credit period of 90 days for making payment. The rate of exchange on 1st November 2016 was ₹65, whereas by the payments was received on 30th January 2017 at ₹65.30. How will the above transaction appear in the statement of profit and loss for the year 2016–17?

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