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M/s Ericson Company is a trading company and engages in imports and exports business in Pakistan. On 15th May, 2020 Company purchased "machinery A" from US amounting US$ 1 Million. The currency rate was $1 against Rs. 165. The company needs to repay the amount after 2 months. At the time of payment the US$ was standing at Rs. 170. As on June 30, 2020 the Dollar rate was Rs. 167.
On 15th June, 2020 Company sold "machinery B" to UK amounting UK£ 1 Million. The currency rate was UK£1 against Rs. 200. The company needs to get the amount after 1 month. At the time of receipt the UK£ was standing at Rs. 215. As on June 30, 2020 the UK£ rate was Rs. 205. The financial year ended on June 30, 2020.
You are required to make:
Question a. Make all relevant Journal entries for Machinery A & Machinery B.
Question b. Amount of Gain or Loss due to change of Exchange rate for the company
Question c. Analyze the factors effecting the change of valuation of currency.
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