Advance Financial Accounting Home Work, SU, Malaysia Ruby Berhad, a Malaysian company signed a contract on 1 December 2019 to buy machinery from Ecuador payable
| University | Sunway University (SU) |
| Subject | Advance Financial Accounting |
Ruby Berhad, a Malaysian company signed a contract on 1 December 2019 to buy machinery from Ecuador payable in 60 days from the purchase date. Ruby Berhad’s financial year ended on 31 December. The machinery’s price was estimated at USD 1,000,000. The spot exchange rate between Ringgit Malaysia (RM) and the USD on that date was, 1 USD = RM4.3. The exchange rate at the end of the financial year was 1 USD = RM4.28 and the exchange rate at the settlement date, 31 January 2020 was 1 USD = RM4.25.
- Prepare the journal entries to record the purchase of the machinery on 1 December 2019.
- Prepare the journal entries to record the unrealized gain on 31 December 2019 using:
i. Direct deduction from account payable
ii. Provision account. - Prepare the journal entry to record the settlement on 31 January 2020.
Get Help By Expert
Looking to submit a high-quality master thesis that meets the academic standards of your institution? Look no further than our professional master thesis writing service! We take pride in offering our clients the best assignment help service available, and we are committed to helping them achieve academic success. Our goal is to deliver a thesis that exceeds your expectations and helps you earn the degree you've been working so hard for.
Recent Solved Questions
- Anatomy & Physiology 2 Essay, IIUM, Malaysia Discuss the endocrine system and its components as well as the physiology of a Diabetes mellitus patient who develops
- IST3244 Group Assignment 2024.pdf
- BNNS 6274: Orthopaedic and Neurovascular Nursing Assignment, LUC, Malaysia Malaysia has a higher prevalence rate of osteoporosis. The prevalence of osteoporosis is projected to be higher
- Information Technology Assignment, OUM, Malaysia Information and Technology (IT) development and sophistication are viewed as significant phenomena that have a significant
- XDCS2014: Java Programming Assignment, UOW, Malaysia You are required to create a GUI application that can be used by students to keep track of their GPA / CGPA based on their grades for each module at the end of each semester
- Health Insurance Home Work, UUM, Malaysia The aspect of medical insurance or health insurance has gained immense popularity within the last few years
- MBM3783: Social Marketing Case Study, UoTS, Malaysia A local woman claims to have been cheated of over RM1.4 mil after meeting someone online who claimed to be a South African engineer
- What effect do sustainable business practices have on consumer buying behaviour: Research Methodology Individual Assignment, APU, Malaysia
- Strategic Human Resource Management Assignment, TARC, Malaysia The implications of the global economic crisis have begun to reveal positive lead indicators that this “storm” is pulling through
- Construction Law Assignment, STU, Malaysia Explain to Fairuz the validity of the agreement and illustrate your answer with relevant cases under the law of contract
