Prepare the journal entries to record and translate the creditor’s balance between 1 January 2021 and 31 December 2022. The company’s year-end date is 31 December. Round all answer to the nearest rand. Journal narrations are not required.
Prepare the journal entries to record and translate the creditor’s balance between 1 January 2021 and 31 December 2022. The company’s year-end date is 31 December. Round all answer to the nearest rand. Journal narrations are not required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Whilst on holiday in England your business partner decided to purchase some
furniture for the buildings. He bought £250 000 worth of furniture on 1 January
2021. The £250 000 was only payable on 31 December 2022. The following
exchange rates are applicable:
Date -Exchange rate (R/£)
1 January 2021 - R20.75
31 December 2021 - R21.45
31 December 2022 - R19.80
REQUIRED:
Prepare the
between 1 January 2021 and 31 December 2022.
The company’s year-end date is 31 December.
Round all answer to the nearest rand.
Journal narrations are not required.
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