(b) White Cliffs Co, whose year-end is 31 December, buys some goods from Rinka SA of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate moved as follows. € to $1 30 September 30 November 31 December 31 January 1.60 1.80 1.90 1.85 Required State the accounting entries in the books of White Cliffs Co.

(b) White Cliffs Co, whose year-end is 31 December, buys some goods from Rinka SA of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate moved as follows. € to $1 30 September 30 November 31 December 31 January 1.60 1.80 1.90 1.85 Required State the accounting entries in the books of White Cliffs Co.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transactions

Section: Chapter Questions

Problem 25P

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