Two Companies Enter into Loan Agreements on 1 March 2013

Two companies enter into loan agreements on 1 March 2013.On that date they also enter into an agreement to swap the loans.The details for each company and loan are: $$\begin{array} { | l | l | } \hline \text { Boris Ltd } & \text { Becker Ltd } \\\hline \text { Australian company } & \text { Australian company } \\\hline \text { Borrows UK£1500 000 } & \text { Borrows A\$4 } 980,000 \\\hline \text { Interest rate } 8 \% \text { payable annually } & \text { Interest rate } 11 \% \text { payable annually } \\\hline \text { Repayable in UK£ } & \text { Repayable in A\$ } \\\hline \text { Loan repayable in 3 years } & \text { Loan repayable in 3 years } \\\hline\end{array}$$ Exchange rates:
$$\begin{array} { | l | l | } \hline 1 \text { July } 2012 & \text { A\$1.00 } = \text { UK£ } 0.3012 \\\hline 30 \text { June } 2013 & \text { A\$1.00 } = \text { UK£.0.2980 } \\\hline\end{array}$$ The balance date for both companies is 30 June 2013.What are the accounting entries in the books of Boris Ltd on 1 March and 30 June 2013?

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