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.
Are You Searching Answer of this Question? Request Malaysian Writers to Write a plagiarism Free Copy for You.
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
- C Programming Assignment, APU, Malaysia Asia Pacific University is a well-known private university located in Bukit Jalil, Kuala Lumpur. Currently, the university
- MIS7114: You Are Required To Source The Latest Article Regarding Issues In Technology And Operations Management: Technology And Operations Management, Assignment, UUM, Malaysia
- MGT506: Leadership & Organizational Behavior Assignment, NUN, Malaysia Venus Tyres is a major regional player in the motorcycle industry with operations in five countries in South East Asia
- BM070: Business Research Methods Assignment, APU, Malaysia Describe principles, design, methodology, and concepts in formulating research. Interpret business problems into a succinct
- Business Research Methods Research Paper, UM, Malaysia To find out what are the expectations of the patient of the Malaysian government hospital
- Analyse the financial statements of the company through following sub-headings: Accounting, Assignment 1, WOU, Malaysia
- SBFS1103: Thinking Skills and Problem Solving Report, OUM, Malaysia Assuming you are a production manager in a semiconductor manufacturing company in Penang
- Counseling Assignment, UM, Malaysia Seiring dengan era globalisasi sekarang, profesion perguruan memainkan peranan yang penting dalam
- Customers enter the waiting line at a cafeteria’s only cash register on a first-come, first-served basis: Optimization Technique Assignment, UMP, Malaysia
- BBF305/03: Investment and Portfolio Management Assignment, WOU, Malaysia Explain the differences in how modern and traditional theories of a portfolio management approach the issue of diversification