On 5 June 2022 Perth Ltd acquires goods on credit from a supplier in London. The goods

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On 5 June 2022 Perth Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5 June 2022. The cost of the goods is UK£250 000 and the debt remains unpaid at 30 June 2022.

On 5 June 2022 the exchange rate is A$1.00 = UK£0.46. On 30 June 2022 it is A$1.00 = UK£0.44. Perth Ltd’s reporting date is 30 June.

REQUIRED

Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2022.

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Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

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Question Posted: Sep 15, 2023 11:16 PM

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On 5 June 2022 Perth Ltd acquires goods on credit from a supplier in London. The goods

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5 June 2022 Dr Cr Inventory Accounts payable 543 478 250 000 04...View the full answer

Financial Accounting

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