| University | Singapore Management University (SMU) |
| Subject | Contemporary Financial Accounting |
On 1 July 2022, a Singapore company Sing Ltd acquired all the issued shares of Amex Ltd, a company incorporated in the United States (US). At this date, Amex Ltd had the following account balances:
Required:
US dollar is the functional currency of Amex Ltd, and the Singapore dollar is the presentation currency of the group:
Prepare the Statement of profit or loss and the statement of financial position of the foreign operation at 30 June 2023. (10 marks
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