Solutionchapter 19

Chapter 19
Problem I
1. Indirect Exchange Rates
Philippine Viewpoint:
1 $ = P40; 1 Peso = $0.025 ($1/P40)
1 Singapore dollar = P32.00; 1 Peso = 0.03125 Singapore (1 Singapore Dollar/P32)
Peso P8,000
2. FCU = = = $200; or
Direct Exchange Rate P40.00
= P8,000 x $1/P40 = $200
3. 4,000 Singapore dollars x P32 = P128,000
Problem II
a. Exchange rates:
Arrival Date Departure Date
1 Singapore dollar = P33.00 1 Singapore Dollar = P32.50

Direct
Exchange Rate (P33,000 / 1,000 Singapore (P3,250 / 100 Singapore dollars)
dollars)
P1.00 = .03 Singapore dollars P1.00 = .03 Singapore dollars

Indirect
Exchange Rate (1,000 Singapore dollars / (100 Singapore dollars /
P33,000) P3,250))
2. The direct exchange rate has decreased. This means that the peso has strengthened during Mr.
Alt's visit. For example, upon arrival, Mr. Alt had to pay P33 per each dollar. Upon departure,
however, each dollar is worth just P32.50. This means that the relative value of the peso has
increased or, alternatively, the value of the dollar has decreased.
3. The Philippine peso equivalent values for the 100 Singapore dollars are:
Arrival date
100 dollars x P33.00 = P3,300
Departure date
100 dollars x P32.50 = 3,250
Foreign Currency Transaction Loss P
50
Mr. Alt held dollars for a time in which the dollars was weakening against the peso. Thus, Mr.
Alt experienced a loss by holding the weaker currency.
Problem III
1. If the direct exchange rate increases, the peso weakens relative to the foreign currency unit. If the
indirect exchange rate increases, the peso strengthens relative to the foreign currency unit.
2.
Settlement Direct Exchange Rate Indirect Exchange Rate

Transaction Currency Increases Decreases Increases Decreases
Importing Peso NA NA NA NA
Importing L G G L
LCU
Exporting Peso NA NA NA NA
Exporting LCU G L L G
Problem IV
1.
December 1, 20x4 (Transaction date):
Purchases.. 973,200
Accounts payable ($24,000 x P40.55) 973,200
December 31, 20x4 (Balance sheet date):

Foreign currency transaction loss... 6,000
Accounts payable [$24,000 x (P40.80 P40.55)] 6,000
Accounts payable valued at 12/31 Balance Sheet

($24,000 x P40.80) P979,200
Accounts payable valued at 12/1 Date of Transaction
($24,000 x P40.55) 973,200
Adjustment to accounts payable needed.. P 6,000
March 1, 20x5 (Settlement date):

Accounts payable 979,200
Foreign currency transaction gain [$24,000 x (P40.80 P40.65)] 3,600
Cash ($24,000 x P40.65). 975,600
2.
a.
a.1. None transaction date (December 1, 20x4)
a.2. P6,000 loss
a.3. P3,600 gain (March 1, 20x5)
b.
b.1. P979,200 spot rate on the balance sheet date or current rate on the balance sheet
b.2. P973,200 spot rate on the transaction date or historical rate on the balance sheet date.
Problem V
1. December 1, 20x4 (Transaction date):
Accounts receivable ($60,000 x P40.00) 2,400,000
Sales 2,400,000

Accounts receivable.. 42,000
Foreign currency transaction gain [$60,000 x (P40.70 P40.00)] 42,000
Accounts receivable valued at 12/31 Balance Sheet

($60,000 x P40.70) P2,442,000
Accounts receivable valued at 12/1 Date of Transaction
($60,000 x P40.00) 2,400,000
Adjustment to accounts receivable needed.. P 42,000
March 1, 20x5 (Settlement date):

Cash ($60,000 x P40,60).. 2,436,000
Foreign currency transaction loss 6,000
Accounts receivable ($60,000 x P40.70). 2,442,000
2.
a.
a.1. None transaction date
a.2. P42,000 gain
a.3. P6,000 loss (March 1, 20x5)
b.
b.1. P2,442,000 spot rate on the balance sheet date or current rate on the balance sheet
b.2. P973,200 spot rate on the transaction date or historical rate on the balance sheet date.
Problem VI
The entries to record these transactions and the effects of changes in exchange rates are as follows:
November 1, 20x4 (Transaction date):

Equity investment (FVTPL)/Financial Asset 3,840,000
Cash 3,840,000
To record the purchase of shares in Pineapple Computers at a cost of $96,000 at the
exchange rate of P40.
December 10, 20x4 (Transaction date):

Equipment 636,000
Cash 636,000
To record the purchase of equipment costing 12,000 euros at the exchange rate of
P53.

Equity investment (FVTPL)/Financial Asset 1,020,000
Unrealized gain in fair value of equity investment (financial asset) 1,020,000
To record gain in fair value of Pineapple Computers share.
12/31/x4: Revalued Investment and translated at the rate on the date

of revaluation (closing/current rate):
(1,200 units x $100 x P40.50). P4,860,000
11/1/x4: Investment, cost (1,200 units x $80 x P40.00) 3,840,000
Unrealized gain on equity investment P1,020,000
Less: Foreign currency transaction gain equity investment
11/1/20x4: Date of transaction (1,200 units x $80 x P40).. P3,840,000
Less: 12/31/20x4: B/S Date (1,200 units x $80 x P40.50). 3,888,000 48,000
Other unrealized gain in the fair value of equity investment... P 972,000
Foreign currency transaction loss... 19,200

Accounts payable [$96,000 x (P53.20 P53)] 19,200
To record exchange loss on accounts payable in euros.
Accounts payable valued at 12/31 Balance Sheet

(1,200 x $80 x P53.20) 5,107,200
Accounts payable valued at 12/1 Date of Transaction
(1,200 x $80 x P53.00) 5,088,000
Adjustment to accounts payable needed.. P 19,200
February 3, 20x5 (Settlement date):

Accounts payable 5,107,200
Foreign currency transaction loss [$96,000 x (P53.80 P53.20)] 57,600
Cash ($96,000 x P53.80). 5,164,800
To record exchange loss on accounts payable in euros and settlement of
accounts payable in euros at the spot rate of P53.80.
Note the following:

The investment in Pineapple Computers, Inc shares is a non-monetary item that is carried
at fair value as it is classified as equity investment through profit or loss (or a financial asset
FVTPL refer PFRS 9). The investment is revalued and translated at the rate on the date of
revaluation, that is, December 31, 20x4.
The equipment is translated at the spot rate at the date of purchase and, being a non-
monetary item, is carried at cost. It is not adjusted for the change in the exchange rate at
balance sheet date. The accounts payable in euros is a monetary item and is remeasured using the
cur rent / closing rate at balance sheet date. The exchange loss is expensed off to the income
statement
Problem VII
1. May 1 Inventory (or Purchases) 8,400
Accounts Payable 8,400
Foreign purchase denominated in pesos
June 20 Accounts Payable 8,400

Cash 8,400
Settle payable.
July 1 Accounts Receivable 10,000

Sales 10,000
Foreign sale denominated in pesos
August 10 Cash 10,000

Accounts Receivable 10,000
Collect receivable.
2. May 1 Inventory (or Purchases) 8,400

Accounts Payable (FC1) 8,400
Foreign purchase denominated in yen:
P8,400 / P.0070 = FC1 1,200,000
June 20 Foreign Currency Transaction Loss 600
Accounts Payable (FC1) 600
Revalue foreign currency payable to
peso equivalent value:
P9,000 = FC1 1,200,000 x P.0075 June 20 spot rate
- 8,400 = FC1 1,200,000 x P.0070 May 1 spot rate
P 600 = FC1 1,200,000 x (P.0075 - P.0070)

Foreign Currency Units (FC1) 9,000
Settle payable denominated in FC1.
July 1 Accounts Receivable (FC2) 10,000

Sales 10,000
Foreign sale denominated in foreign currency 2
(FC 2)
FC3: P10,000 / P.20 = FC2 50,000
August 10 Accounts Receivable (FC2) 1,000

Foreign Currency Transaction Gain 1,000
Revalue foreign currency receivable
to U.S. dollar equivalent value:
P 11,000 = FC2 50,000 x P.22 Aug. 10 spot rate
- 10,000 = FC2 50,000 x P.20 July 1 spot rate
P 1,000 = FC2 50,000 x (P.22 - P.20)

Accounts Receivable (FC2 11,000
Receive FC 2 in settlement of receivable
Problem VIII
1. Denominated in FC
RR Imports reports in Philippine pesos:
12/1/x4 12/31/x4 1/15/x5
Transaction Balance Sheet Settlement

Date Date Date
Direct
Exchange P.70 P.66 P.68
Rate
2. December 1, 20x4
Inventory (or Purchases) 10,500
Accounts Payable (FC) 10,500
P10,500 = FC 15,000 x P.70
December 31, 20x4

Accounts Payable (FC) 600
Foreign Currency Transaction Gain 600
Revalue foreign currency payable to
equivalent peso value:
P 9,900 = FC 15,000 x P.66 Dec. 31 spot rate
-10,500 = FC 15,000 x P.70 Dec. 1 spot rate
P 600 = FC 15,000 x (P.66 - P.70)
January 15, 20x5

Foreign Currency Transaction Loss 300
Accounts Payable (FC) 300
Revalue payable to current peso equivalent
P10,200 = FC 15,000 x P.68 Jan. 15, 20x5, value
- 9,900 = FC 15,000 x P.66 Dec. 31, 20x4, value
P 300 = FC 15,000 x (P.68 - P.66)
Accounts Payable (FC) 10,200

Foreign Currency Units (FC) 10,200
P10,200 = FC 15,000 x P.68
Accounts Payable (FC)

(FC 15,000 x P.70) 12/1/x4 10,500
AJE 12/31/x4 600
(FC 15,000 x P.66) Bal 12/31/x4 9,900
AJE 1/15/x5 300
(FC 15,000 x P.68) Bal 1/15/ x5 10,200
1/15/x5 Settlement 10,200
Bal 1/16/x5 -0-
Problem IX
1. December 31, 20x6
Accounts Receivable (FC1) 10,000
Adjust receivable denominated in FC1
to current peso equivalent
and recognize exchange gain:
P83,600 = FC475,000 x P.176 Dec. 31 spot rate
- 73,600 = Preadjusted Dec. 31, 20x6, value
P10,000

Adjust payable denominated in foreign
currency to current peso equivalent
and recognize exchange gain:
P175,300 = Preadjusted Dec. 31, 20x6, value
- 170,100 = FC2 21,000,000 x P.0081, Dec. 31 spot rate
P 5,200
2. Accounts Receivable (FC1) 1,900

Adjust receivable denominated in FC1
to equivalent peso value on
settlement date:
P85,500 = FC1 475,000 x P.180 20x7 collection date value
- 83,600 = FC1 475,000 x P.176 Dec. 31, 20x6, spot rate
P 1,900 = FC1 475,000 x (P.180 - P.176)
Cash 164,000
Accounts Receivable (FC1) 85,500
Accounts Receivable (P) 164,000
Collect all accounts receivable.
3. Accounts Payable (FC2) 6,300

Adjust payable to equivalent peso
value on settlement date:
P163,800 = FC2 21,000,000 x P.0078 20x7 payment date value
- 170,100 = FC2 21,000,000 x P.0081 Dec. 31, 20x6, spot rate
P 6,300 = FC2 21,000,000 x (P.0078 - P.0081)
Accounts Payable (P) 86,000

Cash 86,000
Payment of all accounts payable.
4. Transaction gain on FC:

December 31, 20x6 P10,000 gain
December 31, 20x7 1,900 gain
Overall P11,900 gain
5. Transaction gain on FC2:

December 31, 20x6 P 5,200 gain
December 31, 20x7 6,300 gain
Overall P11,500 gain
5. Overall foreign currency transactions gain:

Gain on FC1 transaction P11,900
Gain on FC2 transaction 11,500
P23,400
CDL could have hedged its exposed position. The exposed positions are only those
denominated in foreign currency units. The accounts receivable denominated in FC1 could be
hedged by selling FC1 in the forward market, thereby locking in the value of the FC1. The
accounts payable denominated in FC2 could be hedged by buying FC2 in the forward market,
thereby locking in the value of the FC2.
Problem X
Foreign Currency Foreign Currency
Accounts Transaction Exchange Transaction
Receivable Accounts Payable Loss Exchange Gain
Case 1 NA P16,000(a) NA P2,000(b)
Case 2 P38,000(c) NA NA P2,000(d)
Case 3 NA P27,000(e) P3,000(f) NA
Case 4 P6,250(g) NA P1,250(h) NA
(a) LCU 40,000 x P.40

(b) LCU 40,000 x (P.40 - P.45)
(c) LCU 20,000 x P1.90
(d) LCU 20,000 x (P1.90 - P1.80)
(e) LCU 30,000 x P.90
(f) LCU 30,000 x (P.90 - P.80)
(g) LCU 2,500,000 x P.0025
(h) LCU 2,500,000 x (P.0025 - P.003)
Multiple Choice Problems
1. c C$1 / P.90 (C$1.11 = P1.00)
2. d 20x4 20x5
P.4895 x FC30,000 P14,685 P.4845 x FC30,000 P14,535
P.4845 x FC30,000 14,535 P.4945 x FC30,000 14,835
Gain P 150 Loss P (300)
3. b January 15
Foreign Currency Units (LCU) 300,000
Exchange Loss 15,000
Accounts Receivable (LCU) 315,000
Collect foreign currency receivable and
recognize foreign currency transaction
loss for changes in exchange rates:
P300,000 = (LCU 900,000 / LCU 3) Jan. 15 value
- 315,000 = Dec. 31 Peso equivalent
P 15,000 Foreign currency transaction loss
4. d P120,000 = July 1, 20x4, Peso equivalent value

P140,000 = December 31, 20x4, Peso equivalent value
(LCU 840,000 / P140,000) = LCU 6 / P1
-105,000 = July 1, 20x5, Peso equivalent value
(LCU 840,000 / 8) = P105,000
P(35,000) Foreign currency transaction loss
5. d P280,000 = July 1, 20x5, Peso equivalent value

-240,000 = December 31, 20x4, Peso equivalent value
P 40,000 Foreign currency transaction loss
6. c P4,000
Accounts Payable (FCU)
(200,000 x P.4875) 12/10/x4 97,500
AJE 4,000
(200,000 x P.4675) 12/31/x4 93,500
Accounts Payable (FCU) 4,000

Foreign Exchange Gain 4,000
7. d P27,000 = P6,000 + P20,000 + P1,000

1/20/x4 90,000
AJE 6,000
3/20/x4 96,000
Foreign Exchange Loss 6,000

Accounts Payable (FCU) 6,000
Notes Payable (FCU)

7/01/x4 500,000
AJE 20,000
12/31/x4 520,000
Notes Payable (FCU) 20,000
Interest Payable (FCU)

(FCU500,000 x .10 x 1/2 year) 25,000
AJE 1,000
12/3/x4 26,000
Interest expense 25,000
Interest Payable (FCU) 25,000

Interest Payable (FCU) 1,000
8. c P5,000
Accounts Receivable (FCU)
10/15/x4 100,000
AJE 5,000
11/16/x4 105,000 Settlement 11/16/x4 105,000
Accounts Receivable (FCU) 5,000

Note: The receivable is recorded on October 15, 20x4, when the goods were shipped, not on
September 1, 20x4, when the order was received.
9. b P1,000
(10,000 x P.60) 4/08/x4 6,000
x4 AJE 500
(10,000 x P.55) 12/31/x4 5,500
X5 AJE 1,000
(10,000 x P.45) 3/01/x5 4,500
Settlement 4,500
Bal. -0-
X5 AJE Accounts Payable (FCU) 1,000
10. b P9,000 = 300,000 FCUs x (P1.65 - P1.62). The foreign currency transaction gain is computed
using spot rates on the transaction date (November 30, 20x4) and the balance sheet date
(December 31, 20x4). The forward exchange rates are not used because the transaction was
not hedged.
11. b
Cash collected (spot rate date of settlement): 900,000 LCU x P.3333 = P300,000
12. d
20x4: (P.5395 P.5445) loss x 70,000 FCU = P350 loss
20x5: (P.5445 - .P5495) loss x 70,000 FCU = P350 loss
13. c
Date of transaction (7/7) P 2.08
Balance sheet date (8/31) 2.05
Foreign exchange currency gain per FCU P .03
Multiplied by: No. of FCU 350,000
Foreign exchange currency gain P 10,500
14. b
15. b The value of the asset acquired should be the spot rate on the date of transaction, i.e. P-80.
Therefore, the final recorded value of the electric generator should be P40,000 (P.80 x 50,000 FCs)
16. a
Date of transaction P .75
Date of settlement .80
17. d
Date of transaction (12/15) P .60
Balance sheet date (12/31) .65
18. b
Date of transaction (11/30) P 1 .65
19. b
Date of transaction (11/30) P1.49
20. a
Date of arrival (P1,000 / 480,000 FC) P .00208
Date of departure (P100/50,000 FC) .00200
Foreign exchange currency loss per FCU P .00008
Foreign exchange currency loss P 4
21. b
Foreign exchange currency gain per LCU P .10
Multiplied by: No. of LCU 5,000
Foreign exchange currency gain P 500
22. d
Date of transaction (11/2) P 1. 08
Foreign exchange currency gain per LCU P .02
Multiplied by: No. of LCU 23,000
23. a
Date of transaction (9/3) : P17,000 / P.85 = 20,000 FC P . 85
Date of settlement (10/10) .90
Foreign exchange currency loss per FC P .05
Multiplied by: No. of FC 20,000
Foreign exchange currency loss P 1,000
24. b
Date of transaction (3/1) : P31,000 / P.31 = 100,000 FC P . 31
Foreign exchange currency gain per FC P .03
25. a
Balance sheet date (12/31) .262
26. d
Balance sheet date (12/31) P .262
27. c
Foreign exchange currency gain (No. 25) P 300
Foreign exchange currency loss (No. 26) _ 200
Overall gain , net P 100
or,
28. c
9/5: Original forward rate or 90-day forward rate P .1850
12/2: Date of expiration of the contract (assumed) since the
term spot rate was used .1865
It should be noted that since, the forward contract was not designated as a hedge, offsetting of gain or loss on the hedged item and
hedging instrument is not allowed. Therefore, the foreign exchange gain due to revaluation of receivable from foreign currency
receivable arising from forward contract will be reported separately, instead of being netted against the exchanges loss of P300
[(P.1865 P.1835) x 100,000 FCs.]
29. c the question is related to purchase transaction or exposed liability, therefore the payment of the
liability is equivalent to the spot rate on the date of settlement.
30. b
20x4
Date of transaction (12/1/20x4) P .0095
Balance sheet date (12/31/20x4) .0096
Multiplied by: No. of FC 1,000,000
20x5
Balance sheet date (12/31/20x4) P .0096
Date of settlement (1/10/20x5) .0094
31. c
Balance sheet date (12/31/20x4) P125,000
Date of settlement (7/1/20x5) 140,000
32. b any gain or loss on foreign currency should be considered ordinary.
33. d
3/1: Date of expiration of the contract .930
It should be noted that since, the forward contract was not designated as a hedge, offsetting of gain or loss on the hedged item and
hedging instrument is not allowed. Therefore, the foreign exchange gain due to revaluation of payable to foreign exchange dealer
arising from forward contract will be reported separately, instead of being netted against the exchanges loss of P1,500 [(P.945
P.93) x 100,000 FCs.]
34. c
It was assumed that the forward contract was designated as a hedging instrument.
Hedged Item: Exposed Asset (Receivable)

1/1: Date of transaction spot rate P .945
12/31: Balance sheet date .930
Foreign exchange currency loss P 1,500 P 1,500
Forward Contract/Hedging Instrument:

3/1: Date of expiration of the contract .930
Foreign exchange currency gain P 1,000 1,000
Net loss P 500
35. d
It was stated in the requirement that the forward contract will not be used, therefore, only the loss on
hedged item will be recognized.
Hedged Item: Exposed Asset (Receivable)

1/1: Date of transaction spot rate P .945
12/31: Balance sheet date .930
36. d
Date of transaction (4/8) : P1 / .65 FC (direct quote) P 1.54
Date of settlement (5/8): P1/ .70 FC (direct quote) 1.43
37. d the amount of sales should be the spot rate on the date of transaction (or the balance sheet date -
historical rate). I.e., P1.7241 x 10,000 FCs = P17,241.
38. e
1/1: Date of transaction spot rate P 1.7241
12/31: Balance sheet date 1.8182
39. b
Balance sheet date (12/31/20x4) P 1.8182
Date of settlement (1/30/20x5) 1.6666
40. a since accounts payable is an exposed account meaning their value will fluctuate based on the spot
exchange rates, the value of the accounts payable should be the value on May 8, i.e., the spot rate of
P1.25 (P.15 x 2,000,000 FCs = P2,500,000).
41. c
5/8: Date of transaction spot rate P 1.25
5/31: Balance sheet date 1.26
Foreign exchange currency loss per FC P 0.01
42. e in a two-transaction approach, the recognition of foreign exchange gain or loss is separate from the
settlement, therefore, the amount of accounts payable to be settled should be the spot rate on the
settlement date, i.e., P1.20 (P1.20 x 2,000,000 FCs = P2,400,000)
43. a
44. d
4/8/20x3: Date of transaction P 97,000
12/31/20x3: Balance sheet date 103,000
45. d
Theories
1. False 6. True 11. True 16. d 21. c 26. d 31. c 36 b
2. False 7. False 12. D 17. d 22. b 27. b 32. d 37. d
3. True 8. True 13. C 18. c 23. a 28. d 33. d 38. c
4. False 9. False 14. C 19. b 24. d 29. - 34. b 39. a
5. True 10, True 15. B 20. a 25. b 30. a 35. b

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Chapter 19

1. Indirect Exchange Rates

= P8,000 x $1/P40 = $200

3. 4,000 Singapore dollars x P32 = P128,000

1 Singapore dollar = P33.00 1 Singapore Dollar = P32.50

P1.00 = .03 Singapore dollars P1.00 = .03 Singapore dollars

Settlement Direct Exchange Rate Indirect Exchange Rate

December 31, 20x4 (Balance sheet date):

Accounts payable valued at 12/31 Balance Sheet

March 1, 20x5 (Settlement date):

December 31, 20x4 (Balance sheet date):

Accounts receivable valued at 12/31 Balance Sheet

March 1, 20x5 (Settlement date):

November 1, 20x4 (Transaction date):

December 10, 20x4 (Transaction date):

December 31, 20x4 (Balance sheet date):

12/31/x4: Revalued Investment and translated at the rate on the date

Foreign currency transaction loss... 19,200

Accounts payable valued at 12/31 Balance Sheet

February 3, 20x5 (Settlement date):

Note the following:

June 20 Accounts Payable 8,400

July 1 Accounts Receivable 10,000

August 10 Cash 10,000

2. May 1 Inventory (or Purchases) 8,400

Accounts Payable (FC1) 9,000

July 1 Accounts Receivable (FC2) 10,000

August 10 Accounts Receivable (FC2) 1,000

Foreign Currency Units (FC2) 11,000

12/1/x4 12/31/x4 1/15/x5

Transaction Balance Sheet Settlement

December 31, 20x4

January 15, 20x5

Accounts Payable (FC) 10,200

Accounts Payable (FC)

Accounts Payable (FC2) 5,200

2. Accounts Receivable (FC1) 1,900

3. Accounts Payable (FC2) 6,300

Accounts Payable (P) 86,000

4. Transaction gain on FC:

5. Transaction gain on FC2:

5. Overall foreign currency transactions gain:

Case 2 P38,000(c) NA NA P2,000(d)

Case 3 NA P27,000(e) P3,000(f) NA

Case 4 P6,250(g) NA P1,250(h) NA

(a) LCU 40,000 x P.40

1. c C$1 / P.90 (C$1.11 = P1.00)

4. d P120,000 = July 1, 20x4, Peso equivalent value

5. d P280,000 = July 1, 20x5, Peso equivalent value

Accounts Payable (FCU) 4,000

7. d P27,000 = P6,000 + P20,000 + P1,000

Accounts Payable (FCU)

Foreign Exchange Loss 6,000

Notes Payable (FCU)

Interest Payable (FCU)

Foreign Exchange Loss 1,000

11/16/x4 105,000 Settlement 11/16/x4 105,000

Accounts Receivable (FCU) 5,000

32. b any gain or loss on foreign currency should be considered ordinary.

Hedged Item: Exposed Asset (Receivable)

Forward Contract/Hedging Instrument:

Hedged Item: Exposed Asset (Receivable)

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