Lecture Example 1

Monetary item

Date Acc. Payable (GBP) Exchange rate Acc. Payable (AUD) Change

Journal entries
1.6.2023

30.6.2023

31.7.2023
Gain/Loss?
Lecture Example 2
Monetary item

Date Acc. receivable (USD) Exchange rate Acc. receivable (AUD)

Journal entries
1.6.2023

30.6.2023

1.9.2023
Change Gain/Loss?
Lecture Example 3
Monetary item

Date Acc. Payable (S$) Exchange rate Acc. Payable (AUD)

Journal entries
1.3.2021

30.6.2021

1.6.2022

30.6.2022
Change Gain/Loss?
Lecture Example 4
Suppose ABC Ltd purchased land for $200,000 in 2020. The market value of land in the following yea
FY 2021 FY 2022 FY 2023
Market value of land 220,000 250,000 300,000

ABC Ltd sold the land at the end of FY 2023.

Part a. Complete the following table assuming the land is measured at cost:

FY 2021 FY 2022 FY 2023

Book value
Gain/Loss

Part b. Complete the following table assuming the land is measured at fair value:
FY 2021 FY 2022 FY 2023
Book value
Gain/Loss
value of land in the following years is as follows: