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- 18 - What is the journal entry to be made if the policies sent by the exporter are accepted by the importer in the form of payment with acceptance credit?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 601 01 FOREIGN GOODS SALES XX B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 601 01 FOREIGN GOODS SALES XX C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 121 02 RECEIVABLES-FC XX D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 120 02 FOREIGN BUYER XXE) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 BANK X DTH XX 121 02 RECEIVABLES-FC XX18 - In the form of payment with acceptance credit, which is the journal entry to be made if the policies sent by the exporter are accepted by the importer?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 601 01 FOREIGN GOODS SALES XX B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 601 01 FOREIGN GOODS SALES XX C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 FOREIGN BUYER XX 121 02 RECEIVABLES-FC XX D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 121 02 RECEIVABLES-FC XX 120 02 FOREIGN BUYER XXE) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 BANK X DTH XX 121 02 RECEIVABLES-FC XX12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export
- Please solve with Explanation and do not give image format24 - How are the total values received or to be received in return for goods and services sold abroad into which account?A) Other Discounts Account / DebtB) Foreign Sales Account / ReceivableC) To / Credit to Gross Sales AccountD) Other Sales will be credited to your accountE) Domestic Sales Account / Receivable11 - In export transactions, the export price collected in advance from foreign buyers is recorded into which account (in foreign currency)?A) Receivable / To Account Advances GivenB) Bank Account / ReceivableC) Advances Received Account / ReceivableD) Advances Given Account / DebtE) Other Advances Received Account / Debt
- Find the cost of good sold and other operating expense 2019:Question 3 Translate the following Balance sheet of XYZ Ltd. Which is an Indian based multinational company doing business in UK using Current rate, Current/Non-current method, and monetary non-Monetary and temporal method and show the Cumulative translation Adjustment. You are required to prepare the Consolidated Balance Sheet under all methods. Assume the Current rate of exchange INR/GBP as on 31st December 2018 is 94.1041 and Historical exchange rate GBP/INR as on 1st January 2018 was 0.01063 and average rate is INR/GBP was at 86.2458 Balance sheet of XYZ Ltd as on 31 December 2018. (Parent) Amount in INR Assets Amount in GBP cash at bank 7526 624658 Deferred Tax assets 4500 373500 Receivables from debtors 5350 444050 Derivative financial assets 8635 716705 Licences 16000 1328000 Land 26000 2158000 Accrued interest 10500 871500 78511 6516413 Liabilities and Equity Payables to creditors 5456 452848 Accrued expenses 16521 1371243 Capital lease due 11000 913000 Share capital 45534…Q2-5 In the monetary approach to the balance of payments (under flexible exchange rates) an increase in the proportion of income that people in country A wish to hold as money would, other things equal, lead to _______ in country A's demand for money and to ______ of A's currency in the foreign exchange markets. a. an increase / a depreciation b. an increase / an appreciation c. a decrease / a depreciation d. a decrease / an appreciation
- Find Interest Expense 2019:3 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 121 02 Foreign Currency Receivables XXX120 02 Foreign Buyer XXXWhich transaction belongs to the journal entry made above?A) Submission of the policy for collection B) Refund record of the policyC) Acceptance record of the policyD) Guarantee record of the policyE) Registration of collection from foreign buyerDISCUSSION QUESTIONS Recreate Table 17.1 for the following currencies: Australian dollar, British pound, Canadian dollar, Chinese yuan, Euro, Japanese yen, and Swiss franc. Be sure to show both the direct quotations and indirect quotations. TABLE 17.1 Sample Exchange Rates: Friday, May 29, 2015 Direct Quotation: U.S. Dollars Required to Buy One Unit of Foreign Currency (1) Indirect Quotation: Number of Units of Foreign Currency per U.S. Dollar (2) Australian dollar 0.7644 1.3082 Brazilian real 0.3145 3.1793 British pound 1.5290 0.6540 Canadian dollar 0.8030 1.2454 Chinese yuan 0.1613 6.2004 Danish krone 0.1473 6.788 EMU euro 1.0993 0.9097 Hungarian forint 0.00355404 281.37 Israeli shekel 0.2586 3.8673 Japanese yen 0.00806 124.14 Mexican peso 0.0650 15.3776 South African rand 0.0823 12.1557 Swedish krona 0.1174 8.5195 Swiss franc 1.0636 0.9402 Venezuelan bolivar fuerte 0.1587289 6.3001 Nate: Column 2 equals 1.0 divided by column 1. However, rounding differences do occur. Source: Adapted from The Wall Street Journal (online.wsj.com). June 1, 2015.