A group of company controlled from US has subsidiary in the UK, south Africa and France. Below these subsidiaries are referred to as UK,AS and FR respectively. At 30 June 2002 inter company indebtedness is as follows Debtor Creditor Amount UK SA Rand 1200000 UK FR Euro 480000 FR SA Rand 800000 SA UK GBP 74000 SA FR Euro 375000 1. It is the company policy to net off inters company balances to the greatest extent possible. The central treasure department is to use the following exchange rates for this purpose. 2. USD 1=R6.126=GBP0.6800=Euro5.880 Required: Calculate the net payments between the subsidiaries