Reference no: EM133050560
Question - Magnificent Pte Ltd ("Magnificent") is a company, incorporated in Singapore, involved in buying and selling furniture in the region. The company uses a periodic inventory system.
In 2012, Magnificent entered into the following transactions:
On 1 July 2012, Magnificent sold 10 tables to a European company at S$1,000 per table. The transaction was billed in Euros. On 31 December, the amount was outstanding.
On 1 August 2012, Magnificent bought 20 chairs from a Japanese company at JPY6,000 per chair. The transaction was billed in JPY. On 31 October 2012, 40% of the bill was settled while the remaining amount was outstanding as at 31 December 2012.
On 1 November 2012, Magnificent sold 10 chairs to a Malaysia company at S$150 per chair. The transaction was billed in SGD. The amount was settled on 31 December 2012.
Exchange Rate
|
Date / Currency
|
1 SGD to Euro
|
1 SGD to JPY
|
1 SGD to MYR
|
|
1 July 2012
|
0.65
|
85
|
2.80
|
|
1 August 2012
|
0.63
|
80
|
2.75
|
|
30 September 2012
|
0.62
|
81
|
2.70
|
|
31 October 2012
|
0.64
|
82
|
2.60
|
|
1 November 2012
|
0.66
|
77
|
2.50
|
|
31 December 2012
|
0.67
|
75
|
2.45
|
Magnificent has a 31 December year end, and uses Singapore dollar as its functional currency.
Required - Prepare all necessary journal entries for Magnificent Pte Ltd with regards to the above transactions.
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