Question 3 [8 marks] Topic 5: Accounting for fore Behappy Ltd is an Australian company with a reporting period ends on 30 June. The company has ign currency transactions entered into two independent transactions denominated in foreign currency as follows. Behappy Ltd sells some goods on credit on 13 June 2018 to a Singaporean company Mother Kwan. The contract, denominated in Singapore dollars, amounts to $125,000. Mother Kwan settles the contract on 10 July 2018. 1. The relevant exchange rates are as follows: 13 June 2018 30 June 2018 10 July 2018 AS1.00 S$1.2536 AS1.00- S$1.2875 AS1.00 S$1.3103 Charles Sturt Unlversity Subject Outline ACC567 201860SI Verslon 1- Published 01 June 2018 Page 27 of 43 2. On 15 June 2018, Behappy Ltd acquires plant and equipment on credit from Senang Bhd, a Malaysian company. The contract is denominated in Malaysian Ringgit and the acquisition amounts to MYR300,000. Behappy Ltd settles the contract on 20 July 2018. The relevant exchange rates are as follows: 15 June 2018 30 June 2018 20 July 2018 AS1.00 MYR2.8079 AS1.00 MYR2.9946 AS1.00 MYR2.7152 Required. In accordance with AASB 121, prepare all relevant journal entries of Behappy Ltd to account for the above transactions. Max. marks allocated Question 3 Journal entries for transaction (1) Journal entries for transaction (2) Total 8