BUS$356$ TS $2023$

Assignment

$10\%$

Due $$ Sunday $26$ November $2023,11$:$00$pm $($Local time$)$

On $1$ July $2022,$ a Singapore company Sing Ltd acquired all the issued shares of Amex Ltd$,$ a company incorporated in the United States $($US$).$ At this date, Amex Ltd had the following account balances:

US$

Bank loan $4000$

Plant and equipment $4200$

Cash and debtors $400$

Inventory $2000$

Retained earnings $600$

Other account balances for Amex Ltd at $30$ June $2023$ are as follows:

US$ Dr US$ Cr

Share capital $2000$

Retained earnings $1200$

Bank loan $4000$

Accounts payable $1600$

Sales $10000$

Plant and equipment $3800$

Cash and debtors $3200$

Inventory $1800$

Purchases $8000$

Administration expense $300$

Depreciation expense $400$

Income tax expense $500$

Exchange rates for the year ending $30$ June $2023$ are as follows:

$1$ July $2022$ US$$1=$ SG $$1\mathrm{.}37$

$30$ June $2023$ US$$1=$ SG $$1\mathrm{.}32$

Average for year US$$1=$ SG $$1\mathrm{.}45$

Ending inventory acquired $($before year$-$end$)$ US$$1=$ SG $$1\mathrm{.}36$

Required:

US dollar is the functional currency of Amex Ltd$,$ and the Singapore dollar is the presentation currency of the group:

Prepare the Statement of profit or loss and the statement of financial position of the foreign operation at $30$ June $2023.(10$ marks$)$

Complete your answer in a table format in Word and upload the file.

Label your answer with your name and Student ID$,$ and put your Student ID in the saved file name.