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Chapter 30 example 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Chapter 30 example 1

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • August 11, 2016 at 8:25 pm #332756
    christasyl
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Would it be possible to provide us with the solution of Chapter 30 Foreign Exchange rate Example 1 from notes please ?

    On 19 December, 2015 Numea Inc. bought goods from Mainwaring plc for 80,000 British Pounds, and on the same day bought goods from Cholmondley SA for 20,000 Zambian Kwacha. At the date of the transactions, the exchange rates were:

    $1 = 0.69 Pounds (GBP)

    $1 = 9.23 Kwacha (ZMW)

    The Mainwaring plc transaction was entered into at a contracted rate of exchange of $1 = 0.7 GBP

    Numea Inc paid both his creditors on 3 February, 2016 when the exchange rates were:

    $1 = 0.72 GBP = 9 ZMW

    On 31 December, 2015, Numea Inc’s financial year end, the equivalent rates were:

    $1 = 0.68 GBP = 9.3 ZMW

    Show how these transactions would be reflected in Numea Inc’s accounting records.

    August 11, 2016 at 9:21 pm #332768
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    I think you’ll find it on page 202 of the course notes

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