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ASSIGNMENT Q3 At 31/3/2020 inventories were valued at 36,200. Alfa a USA business had purchased...

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Accounting

ASSIGNMENT Q3 At 31/3/2020 inventories were valued at 36,200. Alfa a USA business had purchased some of its inventories from an overseas supplier on 1/1/2020 for 5,000. These inventories were not included in the inventory count on 31/3/2020. The invoice for the purchase was unpaid at 31/3/2020 and was included in trade payables at the exchange rate on the date of purchase. The exchange rates are as follows: 1/1/20 1:1.1905 31/3/20 1: 1.2500 Explain the required IFRS financial reporting treatment of the issue above for the year ended 31/3/2020. Prepare all relevant calculations and set out the required adjustments in the form of journal entries.

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