Press Esc to exit full screen Import Ltd imports raw materials from a supplier in the United states for an amount of $40 000. Transport costs on the raw materials amounted to $2 500. These transport costs were paid on 31 May 2016. Payment for the raw materials was made on 31 august 2016. The raw materials were ordered on 30 November 2015. The raw materials were delivered and taken into stock on 31 January 2016 and import limited was invoiced on the same date, i.e. 31 January 2016. The year end of the company is 30 June 2016. 20% of the raw materials bought from the united states was still on hand at year end. The following exchange rates are applicable: REQUIRED: Date 30 November 2015 31 January 2016 31 May 2016 30 June 2016 31 August 2016 R/$ exchange rate Rg.80 R10.20 R10.40 R10.15 R10.30 2.1 Prepare all the journal entries in the accounting records of the Import Ltd for the period 20

Press Esc to exit full screen Import Ltd imports raw materials from a supplier in the United states for an amount of $40 000. Transport costs on the raw materials amounted to $2 500. These transport costs were paid on 31 May 2016. Payment for the raw materials was made on 31 august 2016. The raw materials were ordered on 30 November 2015. The raw materials were delivered and taken into stock on 31 January 2016 and import limited was invoiced on the same date, i.e. 31 January 2016. The year end of the company is 30 June 2016. 20% of the raw materials bought from the united states was still on hand at year end. The following exchange rates are applicable: REQUIRED: Date 30 November 2015 31 January 2016 31 May 2016 30 June 2016 31 August 2016 R/$ exchange rate Rg.80 R10.20 R10.40 R10.15 R10.30 2.1 Prepare all the journal entries in the accounting records of the Import Ltd for the period 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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