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02-06-2023
Business

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On 1 July 2022 Weagles Oz Ltd enter into an agreement to borrow (US $) 1,500,000 from JoeB Ltd (USA). JoeB Ltd sends the loan money to Weagles Oz Ltd bank account in Australia. The loan is for 8 years and requires the payment of interest at the rate of 10% per annum on 30 June each year. We assume this equates to Weagles Oz Ltd.’s normal borrowing rate such that the carrying amount of the debt would also equal its fair value. Weagles Oz Ltd.’s reporting date is 30 June. The concept of time value of money and taxation shall not be given consideration in this instance. The relevant exchange rates are:
1 July 2022: A$1 = US $1.25
30 June 2023: A$1 = US $1.10
Provide all the journal entries in the books of Weagles Oz Ltd for the year ending 30 June 2023 to account for the above transactions. Ensure narrations are included with your journal entries.

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