Questiona) A UK company purchased Plant and Machinery for use in the UK from a Canadian company for $267,000. The exchange rate at the date of purchase was $1.8 = ₤1 and the year-end was $1.5=₤1. b) A UK company purchased goods from a French company in May 2016 for Fr 10,500, when the exchange rate was Fr 11.6 = ₤1. The account was paid on 15th July 2016 when the exchange rate was Fr 11.9 = ₤1
ORDER YOUR PAPER NOWc) A UK company purchased goods from a German supplier in November 2016 for DM 4,500 when the exchange rate was DM 3.9 = ₤1. The account has not been settled by 31st December 2016, the company’s year-end. At that date the exchange rate was DM 3.8 = ₤1 d) A UK company takes out a ten year loan from an American bank in August 2015 for US $800,000. The proceeds of the loan were converted to sterling and remitted to the UK when the exchange rate was $1.41 = ₤1 (so the proceeds amounted to ₤567,376). At the company’s year-end at 31st December 2015, the exchange rate was $1.42 = ₤1 and at 31st December 2016 was $1.39 = ₤1. Required: Make the necessary journal entries to record the above transactions and give any other necessary explanation. Journal Entry To Record The Purchase Of Goods Assignment Paper
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