Provide the necessary journal entries in the books of pip

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Reference no: EM131909961

On 10 april 2011, PIP limited provided some consulting advice to Cancun incorporated (us) for an agreed fee of US$1 million. The amount was paid into US bank aacount limited on 10 april 2011.

PIP lilited elected to leave the amount in the Us ban account , which pays interest each year on 31 March at a rate of 10 per cent .

The relevant exchange rates are:

10 april 2011 NZ $1.00 = US$0.78

31 March 2012 NZ $1.00 = US$0.75

Requiered

Provide the necessary journal entries in the books of PIP limited to account for the above transaction for the year ended 31 March 2012. Show your working please.

Reference no: EM131909961

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