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3. On 1 March 2011 Holme s Ltd enters into a binding agreement with a New Zealand company, which d. The cost of uires the
3. On 1 March 2011 Holme s Ltd enters into a binding agreement with a New Zealand company, which d. The cost of uires the New Zealand Company to construct an item of machinery for Holmes Lt the machinery is NZ$750,000. The machinery is completed on 1 June 2011 and shipped FO8 Aucklar on that date. The debt is unpaid at 30 June 2011, which is also Holmes Ltd's reporting date. The debt is paid at 3 July 2011 11 The exchange rates at the relevant dates are: ( cepee 1 June 2011 30 June 2011 3 July 2011 A$1.00- NZ$1.20 A$1.00 NZ$1.35 A$1.00 NZ$1.25
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