ABC Co, whose year end is 31 December, sell some goods to customer in France on credit on 30 September. The invoice value is € 40,000 and is settled in equal instalments by customer on 30 November and 31 January. The exchange rate moved as follows: 30 Sep 1 € = $1.6 30 Nov 1 € = $1.8 31 Dec 1 € = $1.9 31 Jan 1 € = $1.8 Require: State the accounting entries in the books of ABC
ABC Co, whose year end is 31 December, sell some goods to customer in France on credit on 30 September. The invoice value is € 40,000 and is settled in equal instalments by customer on 30 November and 31 January. The exchange rate moved as follows: 30 Sep 1 € = $1.6 30 Nov 1 € = $1.8 31 Dec 1 € = $1.9 31 Jan 1 € = $1.8 Require: State the accounting entries in the books of ABC
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Co, whose year end is 31 December, sell some goods to customer in France on credit on 30 September. The invoice value is € 40,000 and is settled in equal instalments by customer on 30 November and 31 January. The exchange rate moved as follows:
|
30 Sep |
1 € = $1.6 |
|
30 Nov |
1 € = $1.8 |
|
31 Dec |
1 € = $1.9 |
|
31 Jan |
1 € = $1.8 |
Require: State the accounting entries in the books of ABC
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