Houz Ltd enters into an agreement with a Design Company (Singapore) to construct an item

of machinery (1/3/2016). Cost is S$250K. Construction is completed 1/6/2016, shipped FOB

Singapore on that date. As at 30/6/2016, debt still unpaid and is Houz Ltd's reporting date.

Exchange rates are as follows:

1/3/2016 A$1.00 = S$1.10

1/6/2016 A$1.00 = S$1.02

30/6/2016 A$1.00 = S$1.00

Require

Prepare the journal entry for above