On 10 april 2011 pip limited provided some consulting, Ask an Expert

Finance

On 10 april 2011, PIP limited provided some consulting advice to Cancun incorporated (us) for an agreed fee of US$1 million. The amount was paid into US bank aacount limited on 10 april 2011.

PIP lilited elected to leave the amount in the Us ban account , which pays interest each year on 31 March at a rate of 10 per cent .

The relevant exchange rates are:

10 april 2011 NZ $1.00 = US$0.78

31 March 2012 NZ $1.00 = US$0.75

Requiered

Provide the necessary journal entries in the books of PIP limited to account for the above transaction for the year ended 31 March 2012. Show your working please.

View complete question

Financial Management, Finance

Category:- Financial Management
Reference No.:- M92748627

Have any Question?Write your Review or question?

Related Questions in Financial Management

Hedging assignment -your portfolio a stock is currently

Hedging Assignment - Your portfolio: A stock is currently trading at 55. You hold a portfolio of the following instruments: Long 200 shares of stock Long 200 puts with a strike of 50 and maturity of three months (T=13/52 ...

Materialinstruments with various measurement scales

Material Instruments with Various Measurement Scales Worksheet Describe in no more than 350 words a business situation of your choice where market research can influence decision making. Create six questions for a questi ...

Assignmentdescribe a work task a hobby or another activity

Assignment Describe a work task, a hobby, or another activity that you regularly do, and sequentially list the various actionsyou take in orderto complete this activity. Consider thecomplexity of your list and the amount ...

Your assignment consists of three parts1go to the internet

Your assignment consists of three parts: 1. Go to the internet and find a news article published within the last one year that discusses capital expenditures of the company, summarize key points and post in the Discussio ...

Using the framework discussed in the background readings

Using the framework discussed in the background readings, critically analyze General Mills' strategic choices at the Corporate level (remember that "corporate" level is the very highest level of the organization, with lo ...

Topic dash dietthere are many different diets weight loss

Topic: DASH DIET There are many different diets, weight loss treatments, and medications that proclaim to be the panacea for weight loss. For this discussion forum, you will be researching a diet or treatment approach fo ...

Purpose of assignmentthis assignment situates students in

Purpose of Assignment This assignment situates students in the role of a consulting team for Best Game Productions. As a team, students analyze the culture, values, and ethics of Best Game Productions and each department ...

Unit 3 dbthe president of eec recently called a meeting to

Unit 3 DB The President of EEC recently called a meeting to announce that one of the firm's largest suppliers of component parts has approached EEC about a possible purchase of the supplier. The President has requested t ...

Question spirituality is a fundamental and universal

Question : Spirituality is a fundamental and universal aspect of human existence and is a critical component in working with clients, groups, communities, etc. There is a vast diversity in spiritual beliefs and religious ...

Process improvement projectfor this assignment select

Process Improvement Project For this assignment select either your own organization or an organization about which you know enough to review the supply chain processes and identify a process that can be improved in your ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Financial Management Expert