1. a) Solve this - on 1 June 2022, Sydney Itd (with functional currency in aud) sold inventories to a U.S. customer for an agreed price of US$ 20000. On 1 august 2022, Sydney It received USD 20000 in full of the sales invoice. Exchange rates were as follow: 1

June 2022 (transaction date): AUDS1 =

USD0.73

30 June 2022 ( end of the reporting period):AUD$1= USD0.76

1 august 2022 (settlement date):AUD1=USD0.76

Prepare journal entries on transaction date

b) Continuation of question is - calculate the foreign gain/loss and prepare journal entries for the year ended 30

June 2022

c) Now more continuation is - calculate the foreign exchange gain/loss and prepare journal entry on the settlement date le 1 august, 2022