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
- BAGB1013: Principles of Management Assignment, UIU, Malaysia Explain the concept of management and describe FOUR (4) function approach in management
- LAW 437: Constitutional law Assignment, UTM, Malaysia Discuss critically the constitutional impact and significance of the following decided cases with special emphasis on the freedom of speech and expression
- Financial Accounting and Reporting Assignment, SU, Malaysia Perkasa Bhd., a public company listed in the MAIN market of Bursa Malaysia, issued and paid-up capital at the beginning
- FIT1047: Introduction to Computer Systems, Networks and Security Assignment, MUM, Malaysia Briefly describe the columns displayed by the tool you use that relate to a) memory usage and b) CPU usage
- ACC4304: Auditing Essay, UH, Malaysia Write an essay that critically evaluates the impact of an accounting scandal on auditor independence and audit quality
- Physics Assignment, UOW, Malaysia When a capacitor is charged through a resistor by a constant voltage source, the voltages across the capacitor
- Media Law Case Study, AeU, Malaysia The plaintiff, the publisher of a free five-days-a-week national English-language newspaper called ‘the Sun’
- MGT510: Managerial Accounting Course Work, EIU, Malaysia: Swipe 50 limited manufactures a specialized screen protector for laptop computers
- Company law Assignment, UCISS, Malaysia This government has moved quickly to strengthen our response to Putin’s cronies and ensure that corrupt elites
- DHT 541: Tourism and Hospitality Economics Assignment, CUM, Malaysia Tourism is the generic term to cover both demand and supply that has been adopted in various forms and used
