QUESTION THREE

$[30]$

Bold Limited is an American company that sells sheets. Bold Limited sold a batch of sheets to a British company for GBP $50000.$

The order from the British company was received on $25$ March $2018,$ the sheets were loaded on $15$ July $2018$ and were unloaded in Great Britain on $25$ July $2018.$ The sheets were loaded on a 'customs, insurance and freight' basis $($CIF$).$

The sheets $($which Bold Limited had in stock at the time of the order$)$ cost the American company USD $20000.$

Bold Limited's functional and presentation currency is the dollar $($$$).$ Related exchange rates are as follows:

$\backslash$table$[[$Date$,\backslash$table$[[$Spot Rate$],[$US Dollars : GB Pounds$]]],[25$ March $2018,2,00$:$1$