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Prepare appropriate journal entries for each relevant event

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Reference no: EM132572137

Question - Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows:

Date

15 March 2019 11 May 2019

30 June 2019 02 July 2019

14 August 2019

Event

Order £300,000 of inventory

Purchase takes place as inventory shipped to Fujitsu Ltd (FOB)

End of financial year

Inventory arrives at warehouse

Payment of £300,000 to supplier

Spot rate A$1.00 = £0.37 A$1.00 = £0.41

A$1.00 = £0.43 A$1.00 = £0.42 A$1.00 = £0.39

Required -

a) Prepare appropriate journal entries for each relevant event.

b) What is a qualifying asset? Provide two (2) examples.

Reference no: EM132572137

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