Provide the accounting journal entries necessary

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Reference no: EM133379052

Question: On 10 June 2023 Bankstown Ltd acquired goods on credit from a supplier in UK. The goods are shipped FOB UK on 10 June 2023. The cost of the goods is UK£ 80 000 and the debt remains

unpaid at 30 June 2023. On 10 June 2023 the exchange rate is A$ 1.00 = UKE 0.56. On 30 June 2023 it is A$ 1.00 = UKE 0.50. Bankstown Ltd is an Australian Company anti the reporting date is 30 june.

REQUIRED:

Provide the accounting journal entries necessary to account for the above purchase transaction for year ending 30 June 2023. (Calculated amounts are to be rounded to the nearest whole dollar (narrations required)

Reference no: EM133379052

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