Adobe Acrobat Pro DC 164 bit) Window Help ACC567 3e Topic 5 Additional exam pdf x ACC567 3e Topic 6 ACC567 3e Topic 5 Subscribe 175 130 2 do Topic 5: Foreign currency transactions Topic 6: Translation of foreign entity financial statements 2 EO Albury Ltd is an Australian company for which the Australian dollar is the functional and presentation currency. The company has entered into a number of foreign activities, and these include the following: (a) Albury Ltd has sold some inventory to a company in Hong Kong for HK$50,000. The order was placed by the Hong Kong company on 18 May 2020, with delivery made on 15 June 2020. Under the conditions of the contract, title to the goods passes to the Hong Kong company on delivery. Albury Ltd receives payment for the goods on 28 July 2020. The following exchange rates are applicable: 18 May 2020 A$1.00 = HK$5.70 15 June 2020: A$1.00 = HK$6.20 30 June 2020: A$1.00 = HK$6.50 28 July 2020 A$1.00 = HK$6.40 (b) Titanic Ltd was incorporated in USA on 1 July 2019 as a wholly owned subsidiary of Albury Ltd, with share capital of US$300,000. Titanic Ltd's functional currency is US$. Its statement of profit or loss and other comprehensive income for the year anded 20 lune 2000 and statement of finansin nasionatithatda pe here to search