Foreign currencyForums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Foreign currencyThis topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.Viewing 4 posts - 1 through 4 (of 4 total) AuthorPosts December 9, 2016 at 12:42 pm #362614 Anuja NairMemberTopics: 365Replies: 353☆☆☆☆Hi sir, regarding the foreign currency topic, if lets say an entity takes up a bank loan for 12 million dinars ; and on this date the exchange rate is 6 dinars:$1How do we record the journal entry of this initial transaction? 12 million dinars / 6 dinars = $2 millionDR Cash $2m CR Loan payable $2mAm I correct ? December 9, 2016 at 12:48 pm #362617 MikeLittleKeymasterTopics: 27Replies: 23137☆☆☆☆☆Absolutely correct December 9, 2016 at 1:25 pm #362630 Anuja NairMemberTopics: 365Replies: 353☆☆☆☆Thanks sir. December 9, 2016 at 10:40 pm #362870 MikeLittleKeymasterTopics: 27Replies: 23137☆☆☆☆☆You’re welcomeAuthorPostsViewing 4 posts - 1 through 4 (of 4 total)You must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In