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All the companies below have their accounting year ended 31 March 2020.
On 1 February 2020, Entity A purchased some inventory from a supplier whose functional currency was Crown. The total purchase price was 750,000 Crowns. The terms of the purchase were that Entity A would pay for the goods in two instalments. The first instalment payment of 500,000 Crowns was due on 15 March 2020 and the second payment of 250,000 Crowns on 30 April 2020. Both payments were made on the due dates. Entity A did not undertake any activities to hedge its currency exposure arising under this transaction. Entity A sold 60% of this inventory prior to 31 March 2020 for a total sales price of £350,000. All sales proceeds were receivable in £. After 31 March 2020, Entity A sold the remaining inventory for sales proceeds which were in excess of their cost.
Relevant exchange rates are as follows: -
1 February 2020 - £1 to 3 Crowns
15March2020-£1to4Crowns
31March2020-£1to5Crowns
Question 1: Show how the transactions should be accounted for in Entity A's financial statements for the year ended 31 March 2020.
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