Question: please help asap Question 3 - (a) Five-G Pte Ltd ('the Company') has recently setup operations in Singapore to compete in the telecommunications industry. On

please help asap  please help asap Question 3 - (a) Five-G Pte Ltd ('the
Company') has recently setup operations in Singapore to compete in the telecommunications

Question 3 - (a) Five-G Pte Ltd ('the Company') has recently setup operations in Singapore to compete in the telecommunications industry. On 10 February 20x8, 500 mobile phones were bought (on credit terms) from an overseas supplier for Euro (EUR) 400 each. These mobile phones can be sold locally for Singapore dollar (S\\$) 800 each. Half of the amount due to the overseas supplier was settled on 15 March \\( 20 \\times 8 \\) and the balance was paid on 30 April \\( 20 \\times 8 \\). On 1 April 20x8, the Company secured contracts with a local medium sized enterprise to sell 300 mobile phones, each with a 2-year 'Lite' plan/contract, which includes unlimited local calls (in-coming and out-going) and \\( 4 \\mathrm{~GB} \\) local data. The contract price is \\( \\mathbf{S} \\$ 250 \\) per quarter per contract payable in arrears. The normal retail price of a 2 year 'Lite' plan (without any mobile handset) is \\( \\$ \\$ 200 \\) per quarter. Assume all mobile handsets were delivered on 1 April \\( 20 \\times 8 \\). Exchange rates are as follows: Revaluation of foreign currency monetary balances and recognition of revenue from the plan occurs at the end of each calendar quarter. Five-G Pte Ltd maintains a perpetual inventory system. Ignore effects of income tax and Goods and Services Tax arising from these transactions and events. The Company's functional currency is Singapore dollars (S\\$). Assume the effect of time value of money is immaterial. (a) Record the journal entries from 1 January \\( 20 \\times 8 \\) to 30 June \\( 20 \\times 8 \\) in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)) 15 Revenue from Contracts with Customers and Singapore Financial Reporting Standards (International) (SFRS(I)) 1-21 The Effects of Changes in Foreign Exchange Rate. Show all necessary workings. (18 marks) (Total: 18 marks)

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