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Determine how the transactions will be measured

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Reference no: EM132577840

Maya plc, a UK company that buys and sells catering equipment in New Zealand, during the year ended 31 December 20X4:

1/11 Buys goods for $30,000 on credit from Napier Ltd

15/11 Sells goods for $40,000 on credit to Wellington Ltd

15/11 Pays Napier Ltd $20,000 on account for the goods purchased

10/12 Receives $25,000 on account from Wellington Ltd in payment for the goods sold

10/12 Buys machinery for $80,000 from Auckland Ltd on credit

22/12 Pays Auckland Ltd $80,000 for the machinery

Boil's functional currency is sterling and the New Zealand companies' functional currency is NZ$.

The exchange rates at the relevant dates were:

1/11 £1 = $2.00

15/11 £1 = $2.20

10/12 £1 = $2.40

22/12 £1 = $2.50

31/12 £1 = $2.60

Question 1: Determine how the transactions will be measured

Reference no: EM132577840

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