Fair value through profit or loss states that on the each balance sheet date, the assets and liability has to be measured at fair value. This would reflect the fair value where any movement between fair and book value is to be adjusted through income statement.
Date |
Particulars |
Debit ($) |
Credit ($) |
April 1 |
Investment in preferred shares- Starr |
206,000 |
|
Cash |
206,000 |
||
July 1 |
Cash (2000*5*1/4) |
2500 |
|
Dividend revenue |
2500 |
||
July 2,2019 |
Cash |
57,500 |
|
Realized gain on held for trading investments |
6000 |
||
Held for trading investments (206,000* 500/2000 |
51,500 |
||
Oct 1 |
Cash (1500*5*1/4) |
1875 |
|
Dividend revenue |
1875 |
||
Dec 15 |
Dividend receivable |
1875 |
|
Dividend revenue |
1875 |
||
Dec 31 |
Held for trading investments [1500*(116-103) |
19,500 |
|
Unrealized gain on held for trading investments |
19,500 |
||
Jan 31,2020 |
Cash (700*92) |
64,400 |
|
Realized loss on held for trading investments |
16800 |
||
Held for trading investments (700*116) |
81,200 |
||
Feb 15 |
Cash (500*118) |
59,000 |
|
Realized Gain on held for trading investments |
1,000 |
||
Held for trading investments (500*116) |
58,000 |
During the year ended December 31 , 2019 , and in the following months of January...
During the year ended December 31, 2019, and in the following months of January and February 2020, Comptay M had the following transactions pertaining to it held for trading investments: Apr. Purchased 2,000 Starr Corporation $5, preferred shares for $206,000 cash. July 1 Received quarterly cash dividend. 2 Sold 500 Starr shares for $57,500 cash. Oct. 1 Received quarterly cash dividend. Nov. 22 Start declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable...
During the year ended December 31, 2019, and in the following months of January and February 2020, Company M had the following transactions pertaining to it held for trading investments: Apr. 15 Purchased 2,000 Starr Corporation $5, preferred shares for $206,000 cash. July 11 Received quarterly cash dividend. 21 Sold 500 Starr shares for $57,500 cash. Oct. 15 Received quarterly cash dividend. Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December Nov. 22 15....
During the year ended December 31, 2019, and in the following months of January and February 2020, Company Mhad the following transactions pertaining to it held for trading investments: Apr. 1 Purchased 2,000 Start Corporation $5, preferred shares for $206,000 cash. July 1 Received quarterly cash dividend. 2 Sold 500 Starr shares for $57,500 cash. Oct. 1 Received quarterly cash dividend. Nov. 22 Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable...
Question #3 (25 marks) During the year ended December 31, 2019, and in the following months of January and February 2020, Company M had the following transactions pertaining to it held for trading investments: Apr. 15 Purchased 2,000 Starr Corporation $5, preferred shares for $206,000 cash July 11 Received quarterly cash dividend. 21 Sold 500 Starr shares for $57,500 cash. Oct. 15 Received quarterly cash dividend. Nov. 22 Starr declared the quarterly dividend on November 22, to preferred shareholders of...
Question #3 (25 marks) During the year ended December 31, 2019, and in the following months of January and February 2020, Company M had the following transactions pertaining to it held for trading investments: Apr. 15 Purchased 2,000 Starr Corporation $5, preferred shares for $206,000 cash. July 11 Received quarterly cash dividend. 21 Sold 500 Start shares for $57,500 cash. Oct. 15 Received quarterly cash dividend. Nov. 22 Starr declared the quarterly dividend on November 22, to preferred shareholders of...
During the year ended December 31, 2018, and in the following months of January and February 2019, Pembina Inc. had the following transactions pertaining to its held for trading investments: Apr. 1 Purchased 2,000 Starr Corporation $5, preferred shares for $206,000 cash. July 1 Received quarterly cash dividend. 2 Sold 500 Starr shares for $58,500 cash. Oct. 1 Received quarterly cash dividend. Nov. 22 Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15,...
BUSI 1043 Group 3 Unit 11 Final Exam-Saved File Home Insert Draw Khusus Kaut Layout Review View Table Delete Insert Merge E Style Options Shading 4 Text AutoFit Cell Size Distribute During the year ended December 31, 2019, and in the following months of January and February 2020, Company M had the following transactions pertaining to it held for trading investments: Apr. 1 Purchased 2,000 Stary Corporation S5, preferred shares for $206,000 cash. July 1 Received quarterly cash dividend. 2...
During the year ended December 31, 2018, and in the following months of January and February 2019. Clinton Inc. had the following transactions pertaining to its held for trading investments: Ar 1 Purchased 2.000 Starr Corporation $5, preferred shares for $210.000 cash Jhly Received quarterly cash dividend. 2 Sold 500 Starr shares for $55,500 cash. Oct 1 Received quarterly cash dividend. Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable on January...
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On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...