Elands Ltd, an Australian company, sells goods on credit to Canterbury Pty Ltd, a British...
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Accounting
Elands Ltd, an Australian company, sells goods on credit to Canterbury Pty Ltd, a British company. The contract was signed on 15 February 2022 for 80,000. Canterbury Pty Ltd settled the contract on 29 March 2022
.The relevant exchange rates are as follows:
15 February 2022 A$1.00 = 0.5514
29 March 2022 A$1.00 = 0.5743
How much is the foreign exchange difference calculated on the 29 March 2022?
$5,785 loss
$5,785 gain
$1,832 loss
$1,832 gain
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