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Give journal entries in the books of h ltd on january

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Reference no: EM132669159

On 1 January 2020, H Ltd acquired inventories for cash consideration of US$600,000. The inventories are still on hand at 30 June 2020 and have a net realisable value of US$620,000. Relevant exchange rates are as follows:

1 January 2020 NZ$1 = US$0.67
30 June 2020 NZ$1 = US$0.72

Required

Problem 1: Give journal entries in the books of H Ltd on 1 January and 30 June 2020. Show the calculations.

Reference no: EM132669159

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