Sure Ltd purchased goods for £210 000 from a British supplier on 1 April 2015.The amount owing on the purchase is payable on 30 July 2015.On 1 May 2015 a forward-exchange contract for the delivery of £210 000 on 30 July 2015 is taken out with Aus Bank.Exchange rates are as follows: What entries are required to record the initial transaction and the forward-exchange contract in accordance with AASB 121 and AASB 139 (rounded to the nearest whole A$)?

Question

Sure Ltd purchased goods for £210 000 from a British supplier on 1 April 2015.The amount owing on the purchase is payable on 30 July 2015.On 1 May 2015 a forward-exchange contract for the delivery of £210 000 on 30 July 2015 is taken out with Aus Bank.Exchange rates are as follows:  What entries are required to record the initial transaction and the forward-exchange contract in accordance with AASB 121 and AASB 139 (rounded to the nearest whole A$)?

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The Answer of Sure Ltd purchased goods for £210 000 from a British supplier on 1 April 2015.The amount owing on the purchase is payable on 30 July 2015.On 1 May 2015 a forward-exchange contract for the delivery of £210 000 on 30 July 2015 is taken out with Aus Bank.Exchange rates are as follows:  What entries are required to record the initial transaction and the forward-exchange contract in accordance with AASB 121 and AASB 139 (rounded to the nearest whole A$)?

Sure Ltd Purchased Goods for £210 000 from a British