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Question: An Australian firm Murdoch ltd acquired goods on credit from Massery Ltd., a New Zealand firm on 5 March 2019. The contract was denominated in New Zealand dollars. The goods acquired amounted to NZ $100 000. Murdoch Ltd. settled the contract on 31 March 2019.
Relevant exchange rate were as follows:
5 March 2019 A$1.00=NZ $1.2946
31 March 2019 A$1.00 = NZ$1.2101
Required: Provide the journal entries required in the accounts of Murdoch Ltd to record the above in accordance with AASB121.
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