JY investment Ltd holds a well-diversified portfolio of shares that has a market value of $1.5 million...

3.7 Ratings (634 Votes)

sol:

Journal Entries for above transactions are as follows -

1/03/20 Share capital a/c Dr. 150000

To bank a/c 150000

(Being initial cash deposit paid for entering share selling contract)

31/8/20 Bank a/c Dr. 1290000

To share capital a/c 1290000

( Being shares sold at market price)

As
on
30
jun
2020, market value of firm's portfolio of shares is
$1435000.

market value of share holding is $1500000

Unit price has fallen to 5300

Lower of both can be considered,

As per accounting principles

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