Homework Answers
A) Journal entries
| Date | particulars | debit | credit |
| Dec 31,2020 | Fair value - OCI investment | 4,948 | |
| Unrealised gain or loss | 4,948 | ||
| Dec 31,2021 | unrealised gain or loss | 9,654 | |
| Fair value - OCI investment | 9,654 | ||
| Dec 31,2022 | Fair value- OCI investment | 6,945 | |
| Unrealised gain or loss | 6,945 |
B. Journal entries for sold of investment
| Date | Particulars | Debit | Credit |
| Feb 14,2023 | Fair value- OCI investment | 5,431 | |
|
Unrealised gain or loss( 35,100-29,664) ( To bring investment to fair value) |
5,431 | ||
| Feb 14,2023 | Cash | 35,100 | |
|
Fair value - OCI investment (To record the proceeds of disposal) |
35,1000 |
____×____
All the best
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