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My Dear Tutor, can you give the name of preparation of single entity which exist foreign currency transaction in the note.? I have never faced while solving trial balance preparation in Bpp revision kit including Becker study and question revision bank.
Thanks in advance
It’s most improbable that you will face it next week either!
This is the F7 syllabus so far as foreign currency matters are concerned
“Foreign currency transactions
Explain the difference between functional and presentation currency and explain why adjustments for foreign currency transactions are necessary
Account for the translation of foreign currency transactions and monetary/non-monetary foreign currency items at the reporting date”
And that’s it
So, know how to translate and how to transfer the difference to the statement of profit or loss (and be able to explain the difference between functional and presentation currency and explain why adjustments for foreign currency transactions are necessary)
OK?
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