Dada Corporation is a Chinese based manufacturer of electronics components. They supply and purchase components from different Asian regions. The revenues from three major segments for the year-ended 31 Dec 20X0 are provided below:

Regions	Singapore	Thailand	Vietnam	Total
Revenues (Chinese Yuan)	52,000	18,000	20,000	90,000

Dada purchased (on credit) some component supplies from a Vietnamese company for 500,000 Vietnamese Dong (VND) on 1 October 20X0. Dada paid the dues on 15 January 20X1, and the year-end is on 31 December. The currency exchange rates and denominators are provided below:

Currency	Dates	Rates
Chinese Yuan (Y) Thai Baht (THB) Singaporean Dollar (SGD)	1 October 20X0	1 Y: 3560 VND 1 THB: 680 VND 1 SGD: 17,000 VND
	1 December 20X0	1 Y: 3562 VND 1 THB: 679 VND 1 SGD: 17,010 VND
	31 December 20X0	1 Y: 3567 VND 1 THB: 682 VND 1 SGD: 17,020 VND
	1 January 20X0	1 Y: 3565 VND 1 THB: 681 VND 1 SGD: 17,025 VND
	15 January 20X0	1 Y: 3570 VND 1 THB: 683 VND 1 SGD: 17,022 VND

Required:

1. With reasonings, determine the functional currency of Dada Corporation. 
2. Show with detailed workings how Dada Corporation would record the above transactions in financial statements.

Answer rating: 100% (QA)

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