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Question - Yellow Pty is an Namibian company whose functional currency is the Namibian Dollar N$. On 31 May 2014, it bought goods from an Botswana supplier at an agreed price of P100,000. On 30 June 2014, it paid $50,000 to the supplier at a cost of N$37,878.79. At the reporting date 31 July 2014, the balance remained payable. The relevant exchange rates were as follows:
31 May 2014: N$1 = P 1.3512
30 June 2014: N$1 = P 1.3200
31 July 2014: N$1 = P 1.3139
Ignoring the time value of money, what is the amount of exchange gain or loss that would appear in the financial statements of Yellow pty for year ended 31 July 2014 based on the above transactions.
a. N$175.86 gain
b. N$175.86 loss
c. N$1,925.15 gain
d. N$1,925.15 loss
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