On 1 July 2013 Kanga Consultants Plc,a Dutch Company,completes a Contract

On 1 July 2013 Kanga Consultants Plc,a Dutch company,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:
1 July 2013 €1 = US$0.56
30 June 2014 €1 = US$0.62
What journal entries are required in Kanga Consultants Plc's books for 1 July 2013 and 30 June 2014 in accordance with IAS 21 (rounded to the nearest whole euro) ?

A) $1 \text { July } 2013$
$\begin{array}{|l|l|r|r|}\hline \text { Dr } & \text { Inventory } & 280000 & \\\hline \mathrm{Cr} & \text { Accounts payable } & & 280000 \\\hline\end{array}$

$30 \text { June } 2014$
$\begin{array}{|l|l|r|l|}\hline \mathrm{Dr} & \text { Interest expense } & 18600 & \\\hline \mathrm{Cr} & \text { Accounts payable } & & 18600 \\\hline & & & \\\hline \mathrm{Dr} & \text { Accounts payable } & 30000 & \\\hline \mathrm{Cr} & \text { Foreign currency gain } & & 30000 \\\hline\end{array}$

B) $1 \text { July } 2013$
$\begin{array}{|l|l|r|r|}\hline \mathrm{Dr} & \text { Cash } & 892857 & \\\hline \mathrm{Cr} & \text { Consulting revenue } & & 892857 \\\hline\end{array}$

$30 \text { June } 2014$
$\begin{array}{|l|l|r|r|}\hline \mathrm{Dr} & \text { Cash } & 64516 & \\\hline \mathrm{Cr} & \text { Interest revenue } & & 64516 \\\hline & & & \\\hline \mathrm{Dr} & \text { Foreign currency loss } & 86405 & \\\hline \mathrm{Cr} & \text { Cash } & & 86405 \\\hline\end{array}$
C) $1 \text { Julv } 2013$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Cash } & 1136364 & \\\hline \mathrm{Cr} & \text { Accounts receivable } & & 1136364 \\\hline\end{array}$

$30 \text { June } 2014$
$\begin{array}{|l|l|r|r|}\hline \mathrm{Dr} & \text { Cash } & 90909 & \\\hline \mathrm{Cr} & \text { Interest revenue } & & 90909 \\\hline & & & \\\hline \mathrm{Dr} & \text { Cash } & 179425 & \\\hline \mathrm{Cr} & \text { Foreign currency gain } & & 179425 \\\hline\end{array}$
D) $\text { 1 July } 2013$
$\begin{array}{|l|l|r|r|}\hline \mathrm{Dr} & \text { Cash } & 892857 & \\\hline \mathrm{Cr} & \text { Consulting revenue } & & 892857 \\\hline\end{array}$

$30 \text { June } 2014$
$\begin{array}{|c|l|r|r|}\hline \mathrm{Dr} & \text { Cash } & 71429 & \\\hline \mathrm{Cr} & \text { Interest revenue } & & 71429 \\\hline & & & \\\hline \mathrm{Dr} & \text { Cash } & 806452 & \\\hline \mathrm{Cr} & \text { Consulting revenue } & & 806452 \\\hline\end{array}$