15 Feb Duty Free puregold, a grocery store based in Pampanga, sells its goods to public in terms of USD. For the month of January 2023 a total of 56,000USD is its sales, of which 40% was
Duty Free puregold, a grocery store based in Pampanga, sells its goods to public in terms of USD. For the month of January 2023 a total of 56,000USD is its sales, of which 40% was in credit and 60% is cash. It deposits its cash in its dollar account in DBP. It has a policy of maintaining the dollar denominated cash to purchase imported goods.
50% or credit sales was collected on February 2 while the remaining 50% was collected on February 6, 2023 (all collected in PHP).
Puregold prepares its FS ending January 31, 2023.
Below are the exchange rates for 1USD
Average rate for January: 56PHP
January 31 closing rate: 55PHP
February 2: 54PHP
February 6: 57PHP
Provide for the following:
All accounting entries
Gain or loss for January
Gain or loss on February 2 and 6
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