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INITIAL MEASUREMENT 1. i) ii) On 30 Sept 20x8, Manja Berhad, whose functional currency is the Malaysia Ringgit, undertook the following foreign currency transactions: Sold
INITIAL MEASUREMENT 1. i) ii) On 30 Sept 20x8, Manja Berhad, whose functional currency is the Malaysia Ringgit, undertook the following foreign currency transactions: Sold goods on credit to a customer in United States for an invoice amount of US$50,000 Purchased raw materials on credit from a supplier in Singapore for an invoice amount S$80,000; and Obtained a Japanese Yen long term loan of Y100 million. iii) On that date, the exchange rates were quoted as follows: Selling Buying Malaysian Ringgit per unit of foreign currency US dollar Singapore dollar 3.8180 2.2050 3.7690 2.1720 Malaysian Ringgit per 100 units of foreign currency Japanese yen 3.5590 3.4880 Required: Show the journal entries to record each of the above foreign currency transactions
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