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Question - Accounting for foreign currency - On 17 September an Australian company acquires goods on credit from a supplier in London. Their goods are shipped from London 17 September.
The cost of the goods is UK £300,000 and the debt remains unpaid at 31 December. On 17 September the exchange rate is A$1.00 = UK£0.5.
On the 31 December it is A$1.00 = UK£0.45. 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 in accordance with the requirement of AASB 121. Show all workings.
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