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Prepare journal entries in nambas books

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Reference no: EM132586501

Namba Limited a company conducting business in Namibia purchased inventory from a supplier based in the US for USD 2 000 000 on 31 September 2017, when N$1= USD 1. The supplier will only be paid on 31 December 2019. No forward cover or any hedging arrangements were taken out for the transaction. The exchange rates were as follows

31 December 2017

1 N$ = 0.80 USD

31 December 2018

1 N$ = 1 USD

31 December 2019

1 N$ = 1.25 USD

Namba Limited uses a perpetual inventory system to account for its inventories and has a 31 December year end.

The inventory was sold as follows

2017: 75%

2018: 25%

The selling price is cost plus 100%

Required

Question 1: Prepare journal entries in Nambas books from 2017 to 2019 to account for the effects of foreign transactions as per IAS 21, the effects of changes in foreign exchange rates.

Reference no: EM132586501

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