QUESTIONS Ella Ltd is a South African company with a 30 June year-end. During the 20.19 financial year, the company entered into the following foreign currency transaction: On 1 August 20.19 Ella Ltd purchased inventory FOB shipping point from an American supplier at a cost of $6 000, payable on 31 October 20.19 (the credit terms are considered to be normal) Spot exchange rates 1 August 20.19 31 October 20.19 $1 = R 16,40 16,05 REQUIRED: Prepare the journal entry to account for the translation (foreign exchange difference) in the financial records of Ella Ltd on 31 October 20.19. Make use of the template for possible account names that is given in the instruction document. Clearly indicate in your answer if the item is a statement of financial position (SFP) or a statement of profit or loss and other comprehensive income (P/L) general ledger account. Account name Debit and Credit Rand Dr Cr Translation of foreign creditor on 31 October 20.19