15 - C business is an exporter company. The company has made an export contract of 40,000 dollars with the CRD firm located in Italy. The payment method of export is against the goods. Actual export was realized on 12.10.20XX. The IÇB rate is $ 1 = 3.80 TL. Which is the issue record? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 320 02 Foreign Sellers 152.000 601 01 International Sales 152,000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 601 01 International Sales 152,000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 40,000 601 01 International Sales 40,000 D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 600 01 Domestic Sales 152,000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Bank DTH 152.000 601 01 International Sales 152,000

15 - C business is an exporter company. The company has made an export contract of 40,000 dollars with the CRD firm located in Italy. The payment method of export is against the goods. Actual export was realized on 12.10.20XX. The IÇB rate is $ 1 = 3.80 TL. Which is the issue record? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 320 02 Foreign Sellers 152.000 601 01 International Sales 152,000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 601 01 International Sales 152,000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 40,000 601 01 International Sales 40,000 D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 600 01 Domestic Sales 152,000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Bank DTH 152.000 601 01 International Sales 152,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 27P

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= Iberico plc, a Spanish firm whose functional currency is EUR, sold goods to a British customer for 10,000 GBP on credit. The exchange rate on the date of sale was 1 GBP : 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the sale? Question 6 Select one: a. DR Cash 12,000 EUR, CR Sale 12, 000 EUR b. DR Cash 10,000 GBP, CR Sale 10,000 GBP c. DR Receivable 10,000 GBP, CR Sale 10,000 GBP d. DR Receivable 12,000 EUR, CR Sale 12,000 EUR
13 - ABC company has made an export contract of 25.000 $ with the foreign German company X. The method of payment for exports is cash export. It has been reported that the export price has come to the company's account at the exchange rate of 4.60 TL. The amount in advance has been posted. Which is the registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 159 02 Advance Abroad 115,000 120 02 International Buyers 115,000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 340 02 Advance Abroad Received 115,000 120 02 International Buyers 115,000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 Z Bank DTH 25.000 340 02 Advance Abroad Received 25.000D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 Z Bank DTH 115.000 340 02 Advance Abroad Received 115,000E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 340 02 Advance Abroad Received 115,000 102 02 Z Bank DTH 115.000
13 - ABC company has made an export contract of 25.000 $ with foreign German company X. The method of payment for exports is cash export. It has been reported that the export price has come to the company's account at a rate of 4.60 TL. The amount in advance has been posted. Which is the registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 159 02 Advance Abroad 115.000 120 02 International Buyers 115,000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 340 02 Advance Abroad Received 115,000 120 02 International Buyers 115,000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 Z Bank DTH 25.000 340 02 Advance Abroad Received 25.000D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 Z Bank DTH 115.000 340 02 Advance Abroad Received 115,000E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 340 02 Advance Abroad Received 115,000 102 02 Z Bank DTH 115.000
17 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168 000 120 01 ABROAD BUYER 168000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168 000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXCEPTIONAL GO. LOSS 168000 120 01 ABROAD BUYER 168000
17 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000
8. Assume that your company purchases inventories from a supplier on December 15. The invoice specifies that payment is to be made on March 15 in Euros in the amount of 10,000 Euros. Your company operates on a calendar year basis. Assume the following exchange rates and the company does not enter into any hedging arrangements: December 15 $1.35 :1 Euro December 31 $1.37 :1 Euro March 15 $1.38 :1 Euro Requirement: Prepare the journal entry that needs to be made on March 15
Iberico plc, a Spanish firm whose functional currency is EUR, sold goods to a British customer for 10,000 GBP on credit. The exchange rate on the date of sale was 1 GBP = 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the sale? a. DR Cash 12,000 EUR, CR Sale 12,000 EUR b. DR Receivable 10,000 GBP, CR Sale 10,000 GBP c. DR Cash 10,000 GBP, CR Sale 10,000 GBP d. DR Receivable 12,000 EUR, CR Sale 12,000 EUR
Accounting records of Company C are expressed in EUR. On 30 April 20XX, it sells goods to a foreign company that requests the amount of the sale to be expressed in USD. No VAT to be charged. When the invoice is sent to the client for an amount of USD 1.000, the exchange rate EUR / USD is 1. On 31 May 20XX, the client paid the invoice in USD on the EUR bank account so that the amount in USD is immediately converted into EUR at the current exchange rate. The current exchange rate is 1EUR = 1,10 USD. Prepare the accounting journal entries for the sale and the repayment.
A bank enters into a forward purchase TT covering an export bill for Swiss Francs 1,00,000 at * 32.4000 due 25th April and covered itself for same delivery in the local interbank market at * 32.4200. However, on 25th March, exporter sought for cancellation of the contract as the tenor of the bill is changed. In Singapore market, Swiss Francs were quoted against dollars as under: USD 1 = Sw. Fcs. 1.5076/1.5120 Spot One month forward Two months forward Three months forward 1.5150/ 1.5160 1.5250 / 1.5270 1.5415/ 1.5445 and in the interbank market US dollars were quoted as under: Spot USD 1= 49.4302/4455 Spot / April 4100/4200 Spot/May 4300/4400 Spot/June 4500/4600 Calculate the cancellation charges, payable by the customer if exchange margin required by the bank is 0.10% on buying and selling.
5. U.S. Company purchases from Japanese Company for 60 million yen when theexchange rate is $.009. U.S. Company makes payment a day when the exchange rate is .0085.When recording the journal entry for payment the U.S. Company will report:a. Cash debit $540,000b. Cash credit $540,000c. Loss $30,000d. Gain $30,000 Please show work. Do not use excel
(a) ABC Co has a year end of 31 December 20X1 and uses the dollar ($) as its functional currency. On 25 October 20X1 ABC Co buys goods from a Swedish supplier for Swedish Krona (SWK) 286,000. Rates of exchange: 25 October 20X1 $1 = SWK 11.16 16 November 20X1 $1 = SWK 10.87 31 December 20X1 $1 = SWK 11.02 Required: Show the accounting treatment for the above transactions if: (a) A payment of SWK286,000 is made on 16 November 20X1. (b) The amount owed remains outstanding at the year-end date.
22 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000