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On 5 June 2018 Perth Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5 June 2018. The cost of the goods is UK£250 000 and the debt remains unpaid at 30 June 2018. On 5 June 2018 the exchange rate is A$1.00 = UK£0.46. On 30 June 2018 it is A$1.00 = UK£0.44. Hence the value of the Australian dollar has decreased relative to the UK pound. Perth Ltd.'s reporting date is 30 June.
Required:
Problem 1: Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2018.
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