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Question - Aiyah Salted Egg Fish Skin Snacks Sdn. Bhd. (ASEFIS) has recently secured a sale for its famous snacks with one of its overseas customers in Singapore. The sale was made on 31 May 2019 and is valued at MYR150,000, on which the company expects a small profit margin of 5% for the introductory period.
The spot rate on 31 May 2021, the day of sale, is MYR3.00:SGD1.00 and the company operates on 60 days credit terms.
Required -
a) Calculate the gain/loss for ASEFIS if on the day of settlement if the spot rate has moved to MYR3.10:SGD1.00,
b) Calculate the gain/loss for ASEFIS on the day of settlement if the spot rate has moved to MYR2.80:SGD1.00
c) How can ASEFIS protect itself against this kind of risk? Assume that the 2-month MYR:SGD forward rate on the date of the transaction is MYR3.03:SGD1.00.
d) Discuss three (3) ways in which ASEFIS could reduce the risk associated with foreign accounts receivable.
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