Sleep Time Limited is a South African company that sells luxurious duvets. Sleep Time Limited sold...

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Sleep Time Limited is a South African company that sells luxurious duvets. Sleep Time Limited sold a batch of duvets to an Irish company for 60 000 euros. Details relating to the duvets, which were shipped free on board (FOB), are as follows: 10 April 2021 1 August 2021 August 2021 10 Sleep Time Limited had the duvets in stock at the time of the order, the cost thereof being R204 000. Sleep Times functional and presentation currency is the South African Rand (ZAR). Related exchange rates are as follows: Date 10-Apr-21 01-Aug-21 10-Aug-21 01-Nov-21 31-Dec-21 01-Feb-22 Spot Rate ZAR 18,8 18 Received the order from the Irish company Duvets were loaded onto a ship in South Africa Duvets were offloaded in Ireland 18,3 18,45 18,2 19,7 Euro 1 1 1 1 1 1 1 On the 1 November 2021, the Irish company paid Sleep Time Limited 50% of the amount due and paid the balance on the 1" of February 2022. Required: Prepare the journal entries in the books of Sleep Time Limited for its years ended 31 December 2021 and 31 December 2022. Sleep Time Limited is a South African company that sells luxurious duvets. Sleep Time Limited sold a batch of duvets to an Irish company for 60 000 euros. Details relating to the duvets, which were shipped free on board (FOB), are as follows: 10 April 2021 1 August 2021 August 2021 10 Sleep Time Limited had the duvets in stock at the time of the order, the cost thereof being R204 000. Sleep Times functional and presentation currency is the South African Rand (ZAR). Related exchange rates are as follows: Date 10-Apr-21 01-Aug-21 10-Aug-21 01-Nov-21 31-Dec-21 01-Feb-22 Spot Rate ZAR 18,8 18 Received the order from the Irish company Duvets were loaded onto a ship in South Africa Duvets were offloaded in Ireland 18,3 18,45 18,2 19,7 Euro 1 1 1 1 1 1 1 On the 1 November 2021, the Irish company paid Sleep Time Limited 50% of the amount due and paid the balance on the 1" of February 2022. Required: Prepare the journal entries in the books of Sleep Time Limited for its years ended 31 December 2021 and 31 December 2022.

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To prepare the journal entries for Sleep Time Limited for the years ended December 31 2021 and Decem... View the full answer