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Prepare the journal entries required in the accounts

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Reference no: EM132744998

Question: An Australian firm Murdoch Ltd acquired goods on credit from Massey Ltd, a New Zealand firm on 5 March 2019. The contract was denominated in New Zealand dollars. The goods acquired amounted to NZ $100000. Murdoch Ltd settled the contract on 31 March 2019.

Relevant exchange rates were as follows:

5 March 2019 A$1.00 = NZ$ 1.2946

31 March 2019 A$1.00 = NZ$ 1.2101

Required: Provide the journal entries required in the accounts of Murdoch Ltd to record the above in accordance with AASB121

Reference no: EM132744998

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