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1、Q1On 5 June 2005 Perth Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5 June 2005. The cost of the goods is UK250,000 and the debt reminds unpaid at 30 June 2005. On 5 June 2005 the exchange rate is A$1.00=UK0.46. On 30 June 2005 it is A$1.00=UK0.44. Pert
2、h Ltds reporting date is 30 June.RequiredProvide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2005.Q2On 1 July 2005 Double Ltd enters into an agreement to borrow 2million from Point plc (UK). Point plc sends the loan money to Double Ltds
3、Australia bank account. The loan is for four years and requires the payment of interest at he rate of 8% on 30 June each year. Double Ltds balance date is 30 June. The revenant exchange rates are:1 July 2005 A$1.00=UK0.4830 June 2006 A$1.00=UK0.50RequiredProvide the necessary journal entries that wo
4、uld be made in the books of Double Ltd to account for the above transaction for the year ending 30 June 2006.Q3On the 10 July 2005 Coolum Ltd provide some consulting advice to Florida Inc.(US) for an agreed fee of US$1 million. The amount is paid into the US bank account of Coolum Ltd on 10 July 200
5、5. Coolum elects to leave the amount in the US bank account, which pays interest each year on 30 June at a rate of 10%. The relevant exchange rates are:10 July 2005 A$1.00=US$0.7830 June 2006 A$1.00=US$0.75RequiredProvide the necessary journal entries that would be made in the books of Coolum Ltd to
6、 account for the above transaction for the year ending 30 June 2006.Q4On 1 March 2005 D Ltd enters into a binding agreement with a New Zealand company, which requires the New Zealand company to construct an item of machinery for D Ltd. The cost of the machinery is NZ$750,000. The machinery is comple
7、ted on 1 June 2005 and shipped FOB Auckland on that day. The Debt is unpaid at 30 June 2005, which is also D Ltds balance date.The exchange rates at the relevant date are:1 March 2005 A$1.00=NZ$1.201 June 2005 A$1.00=NZ$1.3030 June 2005 A$1.00=NZ$1.25RequiredProvide the required journal entries of D Ltd for the year ending 30 June 2005.
