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Question : On 1 June 2020 Best Cars Oman imported 10 cars for 600,000 from UK. The exchange rate was 1 GBP = Rial 0.520.

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Question : On 1 June 2020 Best Cars Oman imported 10 cars for 600,000 from UK. The exchange rate was 1 GBP = Rial 0.520. As per the agreement the Best Cars are required to settle their account in GBP on 20 July 2020. The rate of exchange on 20.07.2020 was 1 GBP = Rial 0.600. What is the effect of the change in exchange rate on Best Cars What will be the effect if the rate of exchange on 20.07.2020 was 1 GBP = rial 0.500

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