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    Dec.15,20x1 Dec.31,20x1 Jan.15,20x2

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    JJ Jaum
    Gilas Inc. purchased inventory from a Thai firm costing 10,000 baht on October 30, 2021. Payment is due on January 30, 2022. Gilas Inc. also entered into a foreign exchange forward contract on October 30, 2021 to buy 10,000 baht on January 30, 2022. ABC Co. sold goods to a Japanese firm for 4,000,000 yens on December 15, 20x1. On this date, ABC Co. entered into a 30-day forward contract to sell 4,000,000 yens for 1,880,000 pesos to a bank at the forward rate of 0.47 pesos. Journal entries are required to be prepared

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    Dec.15,20x1 Dec.31,20x1 Jan.15,20x2

    Uploaded by

    JJ Jaum
    18 views1 page
    Gilas Inc. purchased inventory from a Thai firm costing 10,000 baht on October 30, 2021. Payment is due on January 30, 2022. Gilas Inc. also entered into a foreign exchange forward contract on October 30, 2021 to buy 10,000 baht on January 30, 2022. ABC Co. sold goods to a Japanese firm for 4,000,000 yens on December 15, 20x1. On this date, ABC Co. entered into a 30-day forward contract to sell 4,000,000 yens for 1,880,000 pesos to a bank at the forward rate of 0.47 pesos. Journal entries are required to be prepared

    Original Description:

    Accounting problem for business combination

    Original Title

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    Gilas Inc. purchased inventory from a Thai firm costing 10,000 baht on October 30, 2021. Payment is due on January 30, 2022. Gilas Inc. also entered into a foreign exchange forward contract on October 30, 2021 to buy 10,000 baht on January 30, 2022. ABC Co. sold goods to a Japanese firm for 4,000,000 yens on December 15, 20x1. On this date, ABC Co. entered into a 30-day forward contract to sell 4,000,000 yens for 1,880,000 pesos to a bank at the forward rate of 0.47 pesos. Journal entries are required to be prepared

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views1 page

    Dec.15,20x1 Dec.31,20x1 Jan.15,20x2

    Uploaded by

    JJ Jaum
    Gilas Inc. purchased inventory from a Thai firm costing 10,000 baht on October 30, 2021. Payment is due on January 30, 2022. Gilas Inc. also entered into a foreign exchange forward contract on October 30, 2021 to buy 10,000 baht on January 30, 2022. ABC Co. sold goods to a Japanese firm for 4,000,000 yens on December 15, 20x1. On this date, ABC Co. entered into a 30-day forward contract to sell 4,000,000 yens for 1,880,000 pesos to a bank at the forward rate of 0.47 pesos. Journal entries are required to be prepared

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Pr

    obl
    em 1

    OnOct ober30,2021,GilasInc.purchasedfr
    om aThai l
    andf i
    rm aninventorycosti
    ng
    10,
    000 baht.PaymentisdueonJanuar y30,2022.Al so onOct ober30,Gi lasInc.
    ent
    eredintoafor
    eignexchangef orwar
    dtobuy1 0,
    000bahtonJanuar y30,2022.
    10/30/2021 12/31/
    2021
    1
    /31
    /2022
    Spotrat
    e( baht)
    …………………. P1.30 P1.42 P1.
    40
    30-dayforwardr at
    e(baht)
    ………… 1.
    41 1.
    43
    1.
    44
    90-dayforwardr at
    e(baht)
    ………… 1.
    36 1.
    37 1.
    38

    Requi
    red:
    Prepar
    ethenecessar
    yjour
    nal
    ent
    ri
    es.

    Pr
    obl
    em 2

    OnDecember1 5,20x1,ABC Co.soldgoodstoaJapanesefi


    rmfor4,
    000,000yens.ABC Co.was
    concer
    nedaboutthefl
    uctuat
    ioni
    ntheJapaneseyen,soonthi
    sdat
    e,ABCCo.enteredi
    ntoa30-day
    for
    wardcont
    ractt
    osell
    4,000,000yensfor₱1
    ,880,
    000toabankatt
    heforwardr
    ateof₱0.47.

    Rel
    evantrat
    esar
    eshownbel
    ow:
      Dec.15,20x1 Dec.31,20x1 Jan.15,20x2
    Spotrat
    e ₱0.48 ₱0.
    49 ₱0.46
    Forwardrat
    e ₱0.47 ₱0.485 ₱0.46

    Requi
    red:
    Prepar
    ethenecessar
    yjour
    nal
    ent
    ri
    es.

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