Hundar Ltd is a Japanese car manufacturer. On 1 March 2020, Vicpark Ltd, an Australian...
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Hundar Ltd is a Japanese car manufacturer. On 1 March 2020, Vicpark Ltd, an Australian African company, purchased 50 cars from Hundar Ltd. The terms of the contract are FOB delivery, with the invoice denominated in Japanese Yen. The order was completed on 25 May 2020, shipped from Nagoya Port (the largest port in Japan) on 1 June and received by Vicpark Ltd on 25 June 2020. The total cost of the cars was 70 million Yen. Vicpark Ltd's reporting date is 30 June. Vicpark Ltd settled the payment on 31 July 2020. Selected exchange rates were: AU$ $ $ $ 1-Mar-20 25-May-20 1-Jun-20 25-Jun-20 30-Jun-20 31-Jul-20 1.00 1.00 1.00 1.00 1.00 Japanese Yen Yen 73.44 Yen 74.15 Yen 72.66 Yen 73.76 Yen 73.69 Yen 70.47 $ $ $ 1.00 Required: Prepare all journal entries required by Vicpark Ltd (the Australian company) to record the above transactions. Narrations are not required but you must show all workings and round figures to the nearest dollar. (5 Marks, 4 marks for correct journal entries, 1 mark for your workings)
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