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prepare any necessary entries in e s financial statements as at dec 31 01 612661

Foreign currency transactions – monetary items

On Dec 31, 01, entity E has trade receivables from the foreign customers A and B. E”s functional currency is the yen. The following quotes are direct (1 foreign currency unit = x yen):

Date of Transaction

Foreign currency units

Exchange rate on the date of transaction

Exchange rate on Dec 31, 01

Customer A

1-Nov-01

20 m

3

4

Customer B

1-Dec-01

50 m

10

8

Required

Prepare any necessary entries in E”s financial statements as at Dec 31, 01.

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