Answered step by step
Verified Expert Solution
Question
1 Approved Answer
on the 1st july 2022 Hexit Ltd borrows $3million from Hastie Corp (USA). The loan is sent by Hastie Corp to Hexit Ltds Australian bank
on the 1st july 2022 Hexit Ltd borrows $3million from Hastie Corp (USA). The loan is sent by Hastie Corp to Hexit Ltds Australian bank account. The loan is a five year loan which carries interest at 10% payable on the 30th of June each year. Hexie Ltd has a 30th June financial year end. The exchange rate are as follows: Aus $1 = US$ 0.68 on July 1, 2022 and Aus $1 = US$ 0.66 on 30th June 2023. Provide the journal entries on the books of Hexit Ltd to account for the above transactions for the year ending 30th June 2023
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