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Hi Can anyone answer the below question please.
A company with a functional currency of GBP has drawn a bank loan of €1,000. At what GBP value would this loan be held on the balance sheet at 31 December and 31 January, and what would the accounting entries be for January month end?
EUR:GBP exchange rates:
31 December spot – 1.42
January average rate – 1.40
31 January spot – 1.38
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