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Prepare general journal entries

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Question - On 1 May 2018 Bisco Ltd secures a loan from a financial institution in United Kingdom. The money is sent from England on 1 May 2018 to Bisco Ltd in Australia. The loan is valued at £175 000 for 10 years at 8%. Interest to be paid at 30th June every year. Exchange rates are as follows: 1 st May 2018 A$1.00 = £0.35 30th June 2018 A$1.00 = £0.75 Bisco Ltd uses standard accounting entries in its system. What entries are required at transaction date and reporting date (rounded to the nearest whole A$)?

Required - Prepare general journal entries (3 journal entries; 1st May 2018 and 30th June 2018) to record the secure of loan and any fluctuation in currency by Bisco Ltd for the year ended 30 June 2018 in accordance with the requirements of AASB 121.

Reference no: EM133077444

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