Reference no: EM132934039
On 11 April 2018, Ben Limited, a company based in South Africa placed an order for equipment from Jake Limited, a company based in America at the agreed price of $300 000.
On 30 May 2018, the equipment was shipped free on board (FOB) and arrived in South Africa on 5 July 2018. The equipment purchased was installed and available for use on 01 August 2018. Ben Limited agreed to pay Jake Limited in two instalments as follows:
$200 000 on 31 July 2018
$100 000 on 15 October 2018
Ben Limited has a 30 September year end. Ben Limited depreciates equipment at 10% per annum using the straight line method.
The relevant exchange rates are as follows:
1$ = R
11 April 2018 1$ = R1.15
30 May 2018 1$ = R1.25
5 July 2018 1$ = R1.10
31 July 2018 1$ = R1.00
01 August 2018 1$ = R0.55
30 September 2018 1$ = R1.50
15 October 2018 1$ = R1.30
30 September 2019 1$ = R1.25
REQUIRED:
Problem 1: Prepare the journal entries for Ben Limited for the years ended 30 September 2018 and 30 September 2019.
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