question archive The company Olsen AS has receivables and liabilities in foreign currency as of 31 December 2020
The company Olsen AS has receivables and liabilities in foreign currency as of 31 December 2020
Subject:AccountingPrice: Bought3
The company Olsen AS has receivables and liabilities in foreign currency as of 31 December 2020. About these items
you will be given the following:
exchange rate: exchange rate: exchange rate:
Establishment 31.12.2019 31.12.2020
Accounts receivable 7,000 USD 7 6 8
long-term.loan. EUR 1 000 000 8 9 7
Accounts receivable were established on 01.09.2019 in connection with the sale of goods to the USA.
Was fulfilled 10.01. 2020 at a price of DKK 7
The long-term loan was taken out on 01.07. in 2017 and it will be redeemed in full
on 30.06 in 2021., so that no installments are paid. The interest rate is 4% p.a. Interest
paid annually and in arrears, and the interest of 4000 EUR for the period 01.07 2019
to 30.06.2020 was paid 29.06 2020. On 29.06 2020 the euro exchange rate was 8.2 EUR / NOK
c) Show how the bookkeeping of this information gives rise to in 2020.
Use the following accounts:
1505 Accounts receivable in USD
1920 Bank
2230 Long-term debt in EUR
2965 Accrued interest
3100 Sales revenue
8060 Currency gain
8150 Interest expense
8160 Currency
