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Question - On 17 September 2019 an Australian company acquires goods on credit from a supplier in London. Their goods are shipped from London 17 September 2019.
The cost of the goods is UK £300,000 and the debt remains unpaid at 31 December 2018. On 17 September the exchange rate is A$1.00 = UK£0.48.
On the 31 December 2019 it is A$1.00 = UK£0.41. Hence the value of the Australian dollar has decreased relative to the UK pound. The Australian companies reporting date is 31 December.
Required - Provide the accounting entries necessary to account for the above purchase by the Australian company for the year ending 31 December 2019 in accordance with the requirement of AASB 121. Show all workings.
Company has December unit sales of 12,000 units. Assuming a 5% growth, what is the projected UNIT SALES? Also, 12,000 units and assuming a 5% growth and a selling price per unit of $40, what is the PROJECTED UNIT SALES?
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