Timson Ltd sold goods on credit on 5th June 2020 to a New Zealand company for $NZ 45,000 when the exchange rate was A$1 = NZ$1.06 . On 30th June 2020, balance date . the exchange rate was A$1 = NZ$1.11 . The New Zealand company paid Timson Ltd on 3rd July 2020 when the exchange rate was A$1 = NZ $1.08. Required: Prepare the journal entries for the above
Timson Ltd sold goods on credit on 5th June 2020 to a New Zealand company for $NZ 45,000 when the exchange rate was A$1 = NZ$1.06 . On 30th June 2020, balance date . the exchange rate was A$1 = NZ$1.11 . The New Zealand company paid Timson Ltd on 3rd July 2020 when the exchange rate was A$1 = NZ $1.08. Required: Prepare the journal entries for the above
Timson Ltd sold goods on credit on 5th June 2020 to a New Zealand company for $NZ 45,000 when the exchange rate was A$1 = NZ$1.06 . On 30th June 2020, balance date . the exchange rate was A$1 = NZ$1.11 . The New Zealand company paid Timson Ltd on 3rd July 2020 when the exchange rate was A$1 = NZ $1.08. Required: Prepare the journal entries for the above
3.Timson Ltd sold goods on credit on 5th June 2020 to a New Zealand company for $NZ 45,000 when the exchange rate was A$1 = NZ$1.06 . On 30th June 2020, balance date . the exchange rate was A$1 = NZ$1.11 . The New Zealand company paid Timson Ltd on 3rd July 2020 when the exchange rate was A$1 = NZ $1.08. Required: Prepare the journal entries for the above
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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