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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
31 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

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Accounting problem for business combination

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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
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31 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

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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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