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Provide the journal entrynecessary to account for purchase

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Reference no: EM132838326

On 6 June 2020 Bluewind Ltd. acquires goods on credit from a supplier in London. The goods are shipped FOB London on 6 June 2020. The cost of the goods is UK£500,000 and the debt remains unpaid at 30 June 2020. On 6 June 2020 the exchange rate is A$1.00 = UK£0.46. On 30 June 2020 it is A$1.00 = UK£0.44, while on 31 July 2020 it has moved to A$1.00 = UK£0.42 (the debt still remains unpaid on 31 July 2020).

Problem 1: Provide the journal entries necessary to account for the above purchase transaction for the months ending 30 June and 31 July 2020.

Reference no: EM132838326

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