On March 1, 2021, a Philippine company sold merchandise to a foreign customer in Singapore dollars for SG$12,000. On the same date, the Philippine company received a 60-day 12% note receivable from the foreign customer. On April 30, 2021, the Philippine company collected the total proceeds from the foreign customer. Buying Rate: March 1, 2021 - P1 = SG$.O29411 March 31, 2021 - P1 = SG$.028901 April 30, 2021 - P1 = SG$.028571 Selling Rate: March 1, 2021 - SG$1 = P35.47 March 31, 2021 - SG$1 = P36.10 April 30, 2010 - SG$1 = P36.07 1. What is the forex gain or loss on March 31, 2021? a. 7,200 gain b. 7,200 loss c.7.272 gain d 7.272 loss 2. What is the forex gain or loss on the settlement date?
On March 1, 2021, a Philippine company sold merchandise to a foreign customer in Singapore dollars for SG$12,000. On the same date, the Philippine company received a 60-day 12% note receivable from the foreign customer. On April 30, 2021, the Philippine company collected the total proceeds from the foreign customer.
Buying Rate:
March 1, 2021 - P1 = SG$.O29411
March 31, 2021 - P1 = SG$.028901
April 30, 2021 - P1 = SG$.028571
Selling Rate:
March 1, 2021 - SG$1 = P35.47
March 31, 2021 - SG$1 = P36.10
April 30, 2010 - SG$1 = P36.07
1. What is the forex gain or loss on March 31, 2021?
a. 7,200 gain
b. 7,200 loss
c.7.272 gain
d 7.272 loss
2. What is the forex gain or loss on the settlement date?
a. 4,800 gain
b. 4,800 loss
c. 4,848 gain
d. 4,848 loss
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