User Account

All Pages

Provide the necessary journal entries that would be made

Assignment Help Financial Accounting
Reference no: EM133127878

Question - On 1 July 2019, XYZ Ltd entered into an agreement to borrow £4 million from London plc (UK). London plc sends the loan money to XYZ Ltd's Australian bank account. The loan is for four years and requires the payment of interest at the rate of 10 per cent on 30 June each year. XYZ Ltd's reporting date is 30 June. The relevant exchange rates are:

1 July 2019 A$1.00 = UK£0.53

30 June 2020 A$1.00 = UK£0.57

Required - Provide the necessary journal entries that would be made in the books of XYZ Ltd to account for the above transaction for the year ending 30 June 2020?

Reference no: EM133127878

Questions Cloud

What are the cash flows at the beginning : If you decide to implement the change (90% collected immediately), what are the cash flows at the beginning and end of first year
What is the amount of interest revenue : What is the amount of Interest Revenue that will be reported on Empire's income statement for the year ended December 31, 2021
Determine the stock peg ratio : Determine the stock's PEG ratio, given that the company's earnings have been growing at an average annual rate of 7.5%
Determine whether the depreciation of the machine will lead : The Machine was acquired on 1 July 2018 at the cost of $800,000. Determine whether the depreciation of the Machine will lead to a deferred tax asset
Provide the necessary journal entries that would be made : Provide the necessary journal entries that would be made in the books of XYZ Ltd to account for the above transaction for the year ending 30 June 2020
Calculate the amount to be withheld from employee payroll : Ontario taxes are $158.45. Received a family support court order for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle
What is transaction that will be in the books of salacious : The related unamortized bond premium amounted to $1447. What is the transaction that will be in the books of Salacious Corporation
Should they itemize their deductions or use deduction : The standard deduction for their filing status is $24,800. Should they itemize their deductions or use the standard deduction
How did this impact your operating leverage : Last year you sold 20,000 shirts whereas this year you able to sell 18000 units due to decrease in online shopping. How did this impact your operating leverage

Reviews

Write a Review

Financial Accounting Questions & Answers

  Recognize over the term of the annuity

Anne purchased an annuity from an insurance company that promised to pay her $24,000 per year for the next ten years. Anne paid $176,400 for the annuity, and in exchange she will receive $240,000 over the term of the annuity. How much of the first $2..

  Find what is amount to be expensed by bankstown limited

December: final adjustments to the extrusion plant $25 000.What is the amount to be expensed by Bankstown Limited at the end of the financial year, 31 December?

  Find what was maximum amount could afford to pay for house

Maria planned to buy a house but could afford to pay, What was total investment through the mortgage period (not taking the time-value of money into account)?

  Cadence retailers

transactions were selected from among those completed by Cadence Retailers

  What is the redistribution of cost allocated

If the sale value of the byproduct is applied as cost to the byproduct, what is the redistribution of Cost allocated to P1 & P2 using NRV

  Explain the differences between direct and indirect costs

Explain the differences between direct and indirect costs. In addition, discuss why these costs are important to determine the return on assets

  What would be the key points of intangible assets

What would be the key points of your lecture and what types of problems or examples would you present to your students?

  Set up ledger accounts and enter balances

Set up a Ledger accounts for these and accounts and enter balances

  Evaluate lombard company internal control system

Evaluate Lombard Company's internal control system and indicate which principles of internal control appear to have been ignored in this situation.

  What was total long-term debt and financing

At year-end 2016, Wallace Landscaping’s total assets were $1.8 million and its accounts payable were $370,000. Sales, which in 2016 were $2.2 million, are expected to increase by 25% in 2017. Total assets and accounts payable are proportional to sale..

  Compute the profit margin and return

Compute the profit margin and return on stockholders equity of Will Company for the current year.

  Determine EOL and the best strategy

Kelly Weeks, president of Weeks Manufacturing, Inc., is considering whether to build more manufacturing plants in Wisconsin. Construct an opportunity loss table. Determine EOL and the best strategy. What is the expected value of perfect information?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd