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Question - On 1 July 2019, an Australian company Frankston Ltd acquired all the issued shares of in Boston Ltd, a company incorporated in the United States (US). At this date Boston Ltd had the following account balances:
US$
Bank loan
4,000
Plant and equipment
4,200
Cash and debtors
400
Inventory
2,000
Retained earnings
600
Other account balances for Boston Ltd at 30th June 2020 are as follows:
US $ Dr
US $ Cr
Share capital
1,200
Accounts payable
1,600
Sales
10,000
3,800
3,200
1,800
Purchases
8,000
Administration expense
300
Depreciation expense
Income tax expense
500
Exchange rates for the year ending 30 June 2020 are as follows:
1 July 2019
US$1 = A$1.50
30 June 2020
US$1 = A$1.70
Average for year
US$1 = A$1.60
Ending inventory acquired (before year end)
US$1 = A$1.65
Required -
a) Prepare the Statement of profit or loss and other comprehensive income and the statement of financial position of the foreign operation at 30 June 2020, assuming that the US dollar is the functional currency of Boston Ltd and the Australian dollar is the presentation currency of the group.
B) Calculate the foreign currency translation reserve.
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