Just Like Ltdis an Australian company. The functional currency of Just Like is A$. It has reporting periods ending on 31 December and 30 June. During the year ended 30 June 2020, Just Like entered into various foreign currency transactions in Euros () as follows:

(a)On 15 November 2019 Just Like Ltd ordered plant costing 800000 from an Italian company under a FOB destination contract. On 30 November 2019, the plant was delivered. On 25 January 2020, the invoice for the plant purchase was paid.

(b)On 30 November 2019 Just Like Ltd sold inventory to a German customer for the agreed price of 500000. The inventory had a cost of $350000. On 31 January 2020, the sales invoice was paid by the customer.

(c)On 1 July 2019, Just Like Ltd made an interest free loan to a related French company, Attitude Cavaliere, for 1000000. The term of the loan is set at 5 years at which time Attitude Cavaliere will be required to arrange its debt finances independently.

Applicable exchange rates are as follows:

1 July 2019 61 = A$1.22 15 November 2019 61 = A$1.15 30 November 2019 (1 = A$1.25 31 December 2019 (1 = A$1.20 25 January 2020 61 = A$1.18 31 January 2020 61 = A$1.16 30 June 2020 (1 = A$1.30