An Australian firm Murdoch Ltd acquired goods on credit from Massey Ltd, a New Zealand firm on
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Question:
An Australian firm Murdoch Ltd acquired goods on credit from Massey Ltd, a New Zealand firm on 5 March 2019.The contract was denominated in New Zealand dollars.The goods acquired amounted to NZ$100 000.Murdoch Ltd settled the contract on 31 March 2019.
Relevant exchange rates were as follows:
5 March 2019 A$1.00 = NZ$ 1.2946
31 March 2019 A$1.00 = NZ$ 1.2101
Required
Provide the journal entries required in the accounts of Murdoch Ltd to record the above in accordance with AASB121
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