Question
Suppose a Turkish company uses Euro as the functional currency in its financial reporting system. The currency translation differences in the balance sheet are as
Suppose a Turkish company uses Euro as the functional currency in its financial reporting system. The currency translation differences in the balance sheet are as follows (in Euros): 31.12.2022 31.12.2021 100.000 60.000 The company uses the closing exchange rates at the end of the year for the balance sheet items. The exchange rates information is as follows: - 31.12.2021: 1 Euro = 10 TL - 31.12.2022: 1 Euro = 15 TL Using the above information you present the financial statements in TL and find the currency translation difference to be reported in the comprehensive income statement as of the 2022 year-end as.... a. 900.000 TL b. 2.100.000 TL c. 40.000 TL d. 200.000 TL
10- Suppose a Turkish company uses Euro as the functional currency in its financial reporting system. The currency translation differences in the balance sheet are as follows (in Euros): The company uses the closing exchange rates at the end of the year for the balance sheet items. The exchange rates information is as follows: 31.12.2021:1Euro=10TL31.12.2022:1Euro=15TL Using the above information you present the financial statements in TL and find the currency translation difference to be reported in the comprehensive income statement as of the 2022 year-end as.... a. 900.000TL b. 2.100.000TL c. 40.000TL d. 200.000TLStep by Step Solution
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