Foreign currency transactions – monetary items
On Dec 31, 01, entity E has trade receivables from the foreign customers A and B. E”s functional currency is the yen. The following quotes are direct (1 foreign currency unit = x yen):
|
Date of Transaction |
Foreign currency units |
Exchange rate on the date of transaction |
Exchange rate on Dec 31, 01 |
|
|
Customer A |
1-Nov-01 |
20 m |
3 |
4 |
|
Customer B |
1-Dec-01 |
50 m |
10 |
8 |
Required
Prepare any necessary entries in E”s financial statements as at Dec 31, 01.
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