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Roxy Ltd purchases surfboards from a Japanese company.
The company placed an order to buy 50 surfboards for a value of ¥1,740,000 Japanese Yen. Under the conditions of the contract, surfboards were sold FOB Osaka and were shipped to Sydney on 20 April 2020. The payment for these surfboards was agreed to be paid by three equal instalments on 30 April, 31 May and 30 June. The company's financial year ends on 30 June 2020.
The following exchange rates were applicable:
20 April A$1.00 = JPY¥63
30 April A$1.00 = JPY¥69
31 May A$1.00 = JPY¥79
30 June A$1.00 = JPY¥74
Required:
Question a) Prepare journal entries to record the purchases of surfboards and other related transactions by Roxy Ltd in accordance with AASB 9 and other relevant standards. (Narrations are required)
Question b) What exchange rate(s) should be used to translate the transactions to Australian dollars when the transactions are dominated in a foreign currency?
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