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Make necessary journal entries in books of Kangaroo Ltd

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Question - Kangaroo Ltd is an Australian company for which the Australian dollar is the functional and presentation currency. The company has entered several foreign activities, and these include the following:

Kangaroo Ltd has sold some inventory to a company in Hong Kong for HK$50,000. The order was placed by the Hong Kong company on 12 May 2016, with delivery made on 20 June 2016. Under the conditions of the contract, title to the goods passes to the Hong Kong company on delivery (i.e., term of the sale was FOB delivery or destination). Kangaroo Ltd receives payment for the goods on 20 July 2016. The following exchange rates are applicable:

12 May 2016: A$1.00 = HK$5.70

20 June 2016: A$1.00 = HK$6.20

30 June 2016: A$1.00 = HK$6.50

20 July 2016: A$1.00 = HK$6.40

Required - Make necessary journal entries in books of Kangaroo Ltd following the requirements of AASB121, The Effects of Changes in Foreign Exchange Rates.

Reference no: EM132617471

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