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On 1 October 2015, Mirvac Ltd acquires goods on credit from a US supplier. The cost of the goods is US$400,000 and this amount remains unpaid at 31 December 2015 at the time of year end accounts closing. The amount was paid at 20 January 2016.
On 1 October 2015, the exchange rate is A$1.00 = US$ 0.71. On 31 December 2015, the exchange rate is A$1.00 = US$ 0.73.On 20 January 2016, the exchange rate is A$1.00 = US$0.70
Required:
Problem (i) Determine the amount of the debt in AUD, as at:
1 October 2015 and31 December 2015.20 January 2016
Problem (ii) Prepare the journal entries for the above dates showing the amount of exchange gain or loss.
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