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On 1 July 2013 Kanga Consultants Ltd Completes a Contract

Question 52

Multiple Choice

On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: $\begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\\hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\\hline\end{array}$ What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ?

A)
$On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: \begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\ \hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\ \hline \end{array} What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ? A) B) C) D)$
B)
$On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: \begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\ \hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\ \hline \end{array} What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ? A) B) C) D)$
C)
$On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: \begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\ \hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\ \hline \end{array} What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ? A) B) C) D)$
D)
$On 1 July 2013 Kanga Consultants Ltd completes a contract to provide advice on the installation of a networked computer system to a company in the US.The client pays the fee of US$500 000 into Kanga Consultants' US bank account on that date.The bank pays interest of 8 per cent annually on 30 June.The exchange rate information is: \begin{array} { | l | l | } \hline 1 \text { July } 2013 & \text { AS1 } = \text { US\$0.56 } \\ \hline 30 \text { June } 2014 & \text { AS2} = \text { US\$0.62 } \\ \hline \end{array} What journal entries are required in Kanga Consultants Ltd's books for 1 July 2013 and 30 June 2014 in accordance with AASB 1012 (rounded to the nearest whole A$) ? A) B) C) D)$

On 1 July 2013 Kanga Consultants Ltd Completes a Contract

Multiple Choice

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