SOAL ASISTENSI

Kode / Mata kuliah : Akuntansi Keuangan Lanjutan (AC 202)

Nama Materi

: Foreign Currency

Dosen Pengampu

: PAS, ART

Tanggal

: 17 21 November 2014

1. On December 1, 20X3, Cormorant Company purchased merchandise from

Osaka Company of Japan for 20,000,000 Yen payable on January 2, 20X4. The
spot rate for yen were:
$0.0079 on December 1, 20X3
$0.0077 on December 31, 20X3
$0.0078 on January 2, 20X4
Required:
What journal entries did Cormorant record on December 1, 20X3; December 31,
20X3 and January 2, 20X4?
2. On November 1, 20X3, the Penguin Corporation, a US corporation, purchased an
extruding machine from Shearwater Corporation, a UK company. The purchase
price was $10,000 and Penguin agreed to pay in pounds on February 1, 20X4.
Both corporations are on a calendar year accounting period. Assume that the
spot rates for the British pound on November 1, 20X3, December 31, 20X3, and
February 1, 20X4, are $1.60, $1.62, and $1.66, respectively.
Required:
Record the November 1, December 31, and February 1 transactions in the
Journal Entries of Penguin Corporation and Shearwater Corporation.
3. BIG purchased engines from Canada for 30,000 Canadian dollars on March 10,
with payment due on June 8. Also, on March 10, Merit acquired a 90-day forward
contract to purchase 30,000 Canadian dollars at C$ = $0.58, the forward contract
was acquired to manage BIGs expose net liability position in Canadian dollar, but
it was not designated as a hedge. The spot rate were:
March 10
C$ 1 = $ 0.57
June 8
C$ 1 = $ 0.60
Required:
Prepare journal entries for BIG to record the purchase of engines, entries
associated with the forward contract, and entries for the payment of the foreign
currency payable.

GRA - SUA