Rovos Limited is a South African company that supplies the National Rail Agency with train track...
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Rovos Limited is a South African company that supplies the National Rail Agency with train track steel. Both the functional and presentation currency of Rovos Limited is the South African Rand. During the 2022 year, Rovos Limited imported 2 000 lengths of steel from a supplier in the UK. The cost of the steel was GBP 5 000 per length, including shipping. The order was placed with the supplier on the 21st of March 2022. The steel was loaded onto the ship on the 15th of April 2022 and the ship left on the 17th of April 2022. The ship was scheduled to arrive at Durban Harbour on the 15th of May 2022. However, due to bad weather, the ship only arrived on the 25th of May 2022. The steel was shipped on a CIF basis. On the 31% of December, 25% of the steel remained unsold. All steel that was sold was sold at a mark up of 25% on cost. Rovos Limited paid the supplier on the 31st of January 2023. Rovos Limited has a 31" December year end. Date 21 March 2022 15th April 2022 Spot Rate GBP: SA Rand 0.1111: 1 0.1087: 1 17th April 2022 15th May 2022 25th May 2022 31 December 2022 31 January 2023 0.1078: 1 0.1042: 1 0.1031: 1 0.1099: 1 0.1124: 1 Required Prepare the journal entries taking into account the above transactions for the years ended 31 December 2022 and 31 December 2023. Rovos Limited is a South African company that supplies the National Rail Agency with train track steel. Both the functional and presentation currency of Rovos Limited is the South African Rand. During the 2022 year, Rovos Limited imported 2 000 lengths of steel from a supplier in the UK. The cost of the steel was GBP 5 000 per length, including shipping. The order was placed with the supplier on the 21st of March 2022. The steel was loaded onto the ship on the 15th of April 2022 and the ship left on the 17th of April 2022. The ship was scheduled to arrive at Durban Harbour on the 15th of May 2022. However, due to bad weather, the ship only arrived on the 25th of May 2022. The steel was shipped on a CIF basis. On the 31% of December, 25% of the steel remained unsold. All steel that was sold was sold at a mark up of 25% on cost. Rovos Limited paid the supplier on the 31st of January 2023. Rovos Limited has a 31" December year end. Date 21 March 2022 15th April 2022 Spot Rate GBP: SA Rand 0.1111: 1 0.1087: 1 17th April 2022 15th May 2022 25th May 2022 31 December 2022 31 January 2023 0.1078: 1 0.1042: 1 0.1031: 1 0.1099: 1 0.1124: 1 Required Prepare the journal entries taking into account the above transactions for the years ended 31 December 2022 and 31 December 2023.
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