Gammer Ltd is an Australian equipment manufacturer. On 1 March 2019, Moongate Ltd, a South African company, purchased mineral sand dredgers from Gammer Ltd. The terms of the contract are FOB delivery, with the invoice denominated in South African Rand. The order was completed on 25 April 2019, shipped from Fremantle Port (an Australian Port) on 1 June and received by Moongate Ltd on 23 June 2019. The total cost of the machine was Rand 4,000,000 (ZAR 4,000,000). Gammer Ltd's reporting date is 30 June. Moongate Ltd settled the payment on 30 July 2019. Selected exchange rates were: 

 

Prepare all journal entries required by Gammer Ltd (the Australian company) to record the above transactions. Narrations are not required but you must show all workings and round figures to the nearest dollar.

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1-Mar-19 25-Apr-19 1-Jun-19 23-Jun-19 30-Jun-19 30-Jul-18 Required: AUS $1.00 $ 1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 SA Rand (ZAR) ZAR 10.00 ZAR 10.50 ZAR 11.50 ZAR 11.00 ZAR 11.30 ZAR 10.90 1-Mar-19 25-Apr-19 1-Jun-19 23-Jun-19 30-Jun-19 30-Jul-18 Required: AUS $1.00 $ 1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 SA Rand (ZAR) ZAR 10.00 ZAR 10.50 ZAR 11.50 ZAR 11.00 ZAR 11.30 ZAR 10.90

Answer rating: 100% (QA)

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