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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