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Question - Darwin Ltd is an Australian company, acquires inventory on credit from Satsuma Ltd, a Japanese entity, with the contract denominated in Japanese yen. The amount of the inventory acquisition contract, dated 17 June 2020 is Yen 2 500 000. Darwin Ltd settles the contract on 10 July 2020. Darwin Ltd has a 30 June reporting date and the exchange rates at the relevant dates are as follows:
17 June 2020 A$1.00 = Y$80.04
30 June 2020 A$1.00 = Y$84.84
10 July 2020 A$1.00 = Y$79.84
30 June 2021 A$1.00 = Y1.00
Required -
1. Prepare the required journal entries to record these transactions. Show workings for any foreign exchange gain or loss. Ignore present values (ignore narrations)
2. Explain the distinction between monetary and non-monetary items in terms of foreign currency translation and provide an example of each.
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