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ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the

ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the exchange rate was VND/US$ = 18,000. The loan is to be repaid in full in 2014. As at 31 Dec 2009 and 31 Dec 2010, the exchange rate was 19,000 and 20,000 respectively. Determine journal entries.
Transcribed Image Text:ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the exchange rate was VND/US$ = 18,000. The loan is to be repaid in full in 2014. As at 31 Dec 2009 and 31 Dec 2010, the exchange rate was 19,000 and 20,000 respectively. Determine journal entries.
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