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Can someone help me to solve 2 questions, Thank you. 1/ On 1 March 2017 Cron Ltd entered a transaction with the American Eagles Inc (a United States
1 August 2017
AUD1.00 = USD0.8000
How to prepare journal entries for Cron Ltd that are required by AASB 121 Foreign Currencies and AASB 132 / 139 Financial Instruments to record the above transactions, including the adjustments at year end (30 June 2017). Cron Ltd does not designate the option as a hedge.
2/ Moodie Hotels Ltd, and Australian company purchased land in New Zealand for a future hotel for NZD1,000,000 on 1 March 2015 when the exchange rate was AUD1.00=NZD1.02. The weakness in the NZ dollar has identified that there may be an impairment of assets and Moodie has the land valued on 30 June 2017. This identifies the fair value of the land as NZD1,020,000 and the exchange rate at this date was AUD1.00=NZD1.02.
How to write any journal entries to record the above for Moodie Ltd on the following dates
1. 1 March 2015
2. 30 June 2017
