Question:Houz Ltd enters into an agreement with a Design Company (Singapore) to construct an item of machinery (1/3/2016). Cost is S$250K. Construction is completed 1/6/2016, shipped FOB Singapore on that date. As at 30/6/2016, debt still unpaid and is Houz Ltd’s reporting date. Exchange rates are as follows: 1/3/2016 A$1.00 = S$1.10 1/6/2016 A$1.00 = S$1.02 30/6/2016 A$1.00 = S$1.00 Required: Prepare the journal entries for the above.
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