CourseLover

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Teaching Since: May 2017
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Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Business & Finance Posted 07 Dec 2017 My Price 10.00

to record the transaction

que 1 On 1 April 2017 Novar Ltd, an Australian company, sold a container of clothes on credit to a retailer based in Hongkong for HK$450 000. Novar Ltd purchased the container for clothes for A$200 000. The Hongkong retailer will pay Novar Ltd on 20th July 2017.

 

Novar Ltd's functional currency is Australian dollar and the company's financial year end is 30th June. Exchange rates are given below:

1 April 2017 A$1.00 = HK $5.85

30 June 2017 A$1.00 = HK $5.80

20 July 2017 A$1.00 = HK $5.95 

 

require:

Prepare journal entries to record the transaction on the above dates.  (10 marks)

 

que 2 Melbourne Ltd is an Australian company whose functional currency is Australian dollar. On 15th March 2017, Melbourne Ltd placed an order to purchase office furniture from a supplier in the United Kingdom (UK) for 40 000 Euros. Melbourne Ltd received the furniture on 15 th April 2017, and will pay the UK supplier on 15th July 2017. The company's financial year end is 30th June.

 

Exchange rates are given below:

15th March 2017 A$1.00 = 0.82 Euros

15th April 2017 A$1.00 = 0.75 Euros

30th June 2017 A$1.00 = 0.80 Euros

15 th July 2017 A$1.00 = 0.85 Euros 

 

require:

1. Prepare journal entries to record the above purchase transaction for Melbourne Ltd from 15 th March to 15th July 2017 inclusive. (8 marks)

2. Calculate the overall foreign currency gain or loss from the purchase. (2 marks)

 

 

 

instructions:

use aasb framework AASB 121

show all calculations

Answers

CourseLover
(12)
Status NEW Posted 07 Dec 2017 02:12 PM My Price 10.00

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