G3 Motronix Ltd is a company trading in imported automotive accessories through its retail outlets across...

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G3 Motronix Ltd is a company trading in imported automotive accessories through its retail outlets across South Africa. Its functional currency is the South African Rand. G3 Motronix Ltd was involved in the following transactions during the financial reporting period ended 31 December 2019: The entity ordered a machine on credit from a manufacturer in California, USA on 01 June 2019. The invoice price of $635 500 is due and payable on 01 February 2020. Additional information on the above transaction: • The machine was shipped free on board (FOB) on 15 August 2019 and arrived in Johannesburg on 20 October 2019. • Custom duty, shipping and freight charges amounted to R210 000 (excl. VAT), and were paid to customs on 15 October 2019. The machine was available and ready for use on 1 November 2019. The machine was brought into use on 1 December 2019. The estimated useful life of the machine is ten years. Machinery is depreciated on the diminishing balance method at a rate of 10% per annum. • • The following exchange rates were applicable in 2019 & 2020: Spot rate $1=R 14.77 15.41 Date 01 June 2019 15 August 2019 01 September 2019 30 September 2019 10 October 2019 15 October 2019 20 October 2019 22 October 2019 01 November 2019 01 December 2019 31 December 2019 01 February 2020 15.17 15.13 15.01 14.87 14.75 14.59 14.99 14.65 14.00 15.00 ADDITIONAL INFORMATION: 1. No forward cover was taken out in respect of any of the above-mentioned transactions REQUIRED: Journalise ALL the above transactions in the general journal of G3 Motronix Ltd for the machine purchased. G3 Motronix Ltd is a company trading in imported automotive accessories through its retail outlets across South Africa. Its functional currency is the South African Rand. G3 Motronix Ltd was involved in the following transactions during the financial reporting period ended 31 December 2019: The entity ordered a machine on credit from a manufacturer in California, USA on 01 June 2019. The invoice price of $635 500 is due and payable on 01 February 2020. Additional information on the above transaction: • The machine was shipped free on board (FOB) on 15 August 2019 and arrived in Johannesburg on 20 October 2019. • Custom duty, shipping and freight charges amounted to R210 000 (excl. VAT), and were paid to customs on 15 October 2019. The machine was available and ready for use on 1 November 2019. The machine was brought into use on 1 December 2019. The estimated useful life of the machine is ten years. Machinery is depreciated on the diminishing balance method at a rate of 10% per annum. • • The following exchange rates were applicable in 2019 & 2020: Spot rate $1=R 14.77 15.41 Date 01 June 2019 15 August 2019 01 September 2019 30 September 2019 10 October 2019 15 October 2019 20 October 2019 22 October 2019 01 November 2019 01 December 2019 31 December 2019 01 February 2020 15.17 15.13 15.01 14.87 14.75 14.59 14.99 14.65 14.00 15.00 ADDITIONAL INFORMATION: 1. No forward cover was taken out in respect of any of the above-mentioned transactions REQUIRED: Journalise ALL the above transactions in the general journal of G3 Motronix Ltd for the machine purchased.

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The journal entries On June 1 2019 Machinery Asset Dr 635500 Accounts Payable Trade Payable Cr 63550... View the full answer