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On 1 July 2003 Kanga Consultants Ltd Completes a Contract

Question 23

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On 1 July 2003 Kanga Consultants Ltd 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:
On 1 July 2003 Kanga Consultants Ltd 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: What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ?


A) On 1 July 2003 Kanga Consultants Ltd 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: What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
B) On 1 July 2003 Kanga Consultants Ltd 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: What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
C) On 1 July 2003 Kanga Consultants Ltd 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: What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
D) On 1 July 2003 Kanga Consultants Ltd 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: What journal entries are required in Kanga Consultants Ltd's books for 1 July 2003 and 30 June 2004 in accordance with AASB 1012 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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