Jones Inc. has its functional currency as the $USD. It trades with several suppliers overseas and bought goods costing 400,000 Dinar on 1 December 2017. Jones paid for the goods on 10 January 2018. The exchange rates were as follows: 1 December 2017 4.1 Dinars: $1USD 31 December 2017 4.3 Dinars: $1USD 10 January 2018 4.4 Dinars: $1USD

a) Prepare journals to show how the above contract should be accounted for under IAS 21, for the year ended 31 December, 2017. (Show entries on 1 Dec as well as 31 Dec)

b) Show the extracts of financial statements on 31 December, 20X1.

NEED ANSWER ASAP