. Prepare the necessary journal entry on September 30, 2020 to account for: CAD$3,045 on hand...

. Prepare the necessary journal entry on September 30, 2020 to account for:

CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD

Expert Solution

Date	Account Name	Debit	Credit

30-Sep-20	Foreign exchange Gain/loss A/c Dr	182.7
	To Profit/loss Account		182.7
	(Being loss due exchange fluctuation is adjusted to P&L A/c)
Workings
31-Mar	2.01
30-Sep	1.95
Profit/(loss)	(0.06)
No of Dollars	3045
Total Loss	(182.70)

ekkarill92 answered 2 years ago

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