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Power Track Ltd. purchased a plant for US$ 50,000 on 31 st October, 2016 payable after 6 months. The company entered into a forward contract for 6 months @Rs. 64.25 per Dollar. On 31st October, 2016, the exchange rate was Rs. 61.50 per Dollar. You are required to calculate the amount of the profit or loss on forward contract to be recognized in the books of the company for the year ended 31st March, 2017