Solution-Prepare journal entries that required at

Prepare journal entries that required at transaction date

Reference no: EM132827461

Question -

Q1. Goods are shipped f.o.b. from the United States on 1 May 2020. The cost of the goods is US$1 500 000. The amount has not been paid at period end, 30 June 2020.

Exchange rates are as follows:

1 May 2020 A$1.00 = US$0.79

30 June 2020 A$1.00 = US$0.72

Required - Prepare the journal entries that are required at transaction date and reporting date (rounded to the nearest whole A$).

Q2. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 7 per cent. The exchange rate information is:

1 July 2018 A$1.00 = $HK5.25

30 June 2019 A$1.00 = $HK4.50

30 June 2020 A$1.00 = $HK5.50

Required - Prepare the journal entries that are required in McGrath Ltd's books for 1 July 2018 and 30 June 2019 and 30 June 2020 in accordance with AASB 121 (rounded to the nearest whole A$).

Reference no: EM132827461

Questions Cloud

Compute the total deductions and her net pay : Janine is the secretary to the president and she receives a basic monthly pay of Php30,000. Compute the total deductions and her net pay

Present considerations for workforce management : Present considerations for Workforce Management. Determine the metrics you would use to measure success of the warehouse and the total supply chain.

Question-case study-lynas corporation : Lynas Corporation Ltd of Australia is building a rare earth processing plant called Lynas Advanced Materials Plant (LAMP) which is currently under construction

What type of evaluation would help the project : Read the SHRM case study Integrating a Human Resource Information System and answer the questions below based on the case study and information provided.

Prepare journal entries that required at transaction date : Prepare the journal entries that are required at transaction date and reporting date (rounded to the nearest whole A$)

What is the degree of each company transaction : What is the degree of each company's transaction, economic, and translation exposure? What factors affect exposure in each currency?

Determine the total amount of discounts offered : Determine the total amount of discounts offered for the month of March to each student and in total and The students that have existing discounts will receive

Discuss about the different types of training : The 2 two main types of training used in my organization are instructor led and distant learning, also called e learning. Instructor-led training.

Three different investment plans : An investor could invest his money in one of three different investment plans over an 18 month period.

User Account

All Pages

Prepare journal entries that required at transaction date

Reference no: EM132827461

Reference no: EM132827461

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

On january 1 2010 sands company had accounts receivable

Overhead application working backward the towson

What is the best estimate of company net operating income

Question - Current Attempt in Progress

Journalize the treasury stock transactions

Journalize the adjusting entries

Prepare the journal entry to record the admission

Journalize the may transactions that should be recorded

Calculate the topanga''s gross profit ratio

Prepare a schedule of cash receipts for maynard for january

Briefly describe at least characters of liabilities

Justin corp estimates that an investment of 800000 would be

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT