Question
On 1 March 2019 Greenough Ltd enters into a binding agreement with a Singapore company to construct an item of machinery that manufactures spoons. The
On 1 March 2019 Greenough Ltd enters into a binding agreement with a Singapore company to construct an item of machinery that manufactures spoons. The cost of machinery is S$250 000. The construction of the machinery is completed on 1 June 2019 and shipped FOB Singapore on that date. The debt is unpaid at 30 June 2019, which is also Greenough Ltd's end of reporting period. The exchange rates at the relevant dates are:
1 March 2019
A$1.00 = S$1.10
1June2019
30 June2019
A$1.00 = S$1.02
A$1.00 = S$1.00
REQUIRED
Provide the necessary journal entries for the year ending 30 June 2019?
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Financial Accounting An Integrated Statements Approach
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
2nd Edition
324312113, 978-0324312119
