Question
In 12/10/2018 Company Y (Jordanian Company) purchased goods from German Company at price 1,000,000 EUR, the deal assumes to pay in EUR in 15/4/2019. note
In 12/10/2018 Company Y (Jordanian Company) purchased goods from German Company at price 1,000,000 EUR, the deal assumes to pay in EUR in 15/4/2019. note that JD is the functional currency of company Y. the exchange rate for EUR as follow: Date Exchange Rate 12/10/2018 0.810 31/12/2018 0.830 15/4/2019 0.800 What is the entry of adjustment in foreign exchange rate in 31/12/2018?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Internal Auditors For Stock Brokers
Authors: National Institute Of Securities Markets (NISM)
1st Edition
