23-During the year ended 31st December 2014, Ivory Investments Ltd. Purchased and sold investments as per details below : 31st March-Purchased 10,000, 5 per cent Debentures of $ 100 each of Asbestos Ltd. At $ 97, brokerage and stamp duty amounting to $ 25,600. Interest is payable on the debentures on 1st July and 1st January 1st May-Purchased 10,000, 6 per cent Cumulative Preference Shares of $ 100 each of Alin Cements Ltd. At $ 95, brokerage and stamp duty being $ 24,200. Dividends are payable on 30th June and 31st December 1st July-Sold $ 6,00,000 Debentures of Asbestos Ltd. At $ 99 per hundred, less brokerage, etc. $ 3,600. 1st October—Purchased a further 4,000, 6 per cent, Cumulative Preference Shares of $ 100 of Alin Cements Ltd. At $ 90, brokerage and stamp duty being $ 8,600. Write up the Ledger Accounts of the two investments for the year 2014.
23-During the year ended 31st December 2014, Ivory Investments Ltd. Purchased and sold investments as per details below : 31st March-Purchased 10,000, 5 per cent Debentures of $ 100 each of Asbestos Ltd. At $ 97, brokerage and stamp duty amounting to $ 25,600. Interest is payable on the debentures on 1st July and 1st January 1st May-Purchased 10,000, 6 per cent Cumulative Preference Shares of $ 100 each of Alin Cements Ltd. At $ 95, brokerage and stamp duty being $ 24,200. Dividends are payable on 30th June and 31st December 1st July-Sold $ 6,00,000 Debentures of Asbestos Ltd. At $ 99 per hundred, less brokerage, etc. $ 3,600. 1st October—Purchased a further 4,000, 6 per cent, Cumulative Preference Shares of $ 100 of Alin Cements Ltd. At $ 90, brokerage and stamp duty being $ 8,600. Write up the Ledger Accounts of the two investments for the year 2014.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
23-During the year ended 31st December 2014, Ivory Investments Ltd. Purchased and sold investments as per details below :
31st March-Purchased 10,000, 5 per cent Debentures of $ 100 each of Asbestos Ltd. At $ 97, brokerage and stamp duty amounting to $ 25,600. Interest is payable on the debentures on 1st July and 1st January
1st May-Purchased 10,000, 6 per cent Cumulative Preference Shares of $ 100 each of Alin Cements Ltd. At $ 95, brokerage and stamp duty being $ 24,200. Dividends are payable on 30th June and 31st December
1st July-Sold $ 6,00,000 Debentures of Asbestos Ltd. At $ 99 per hundred, less brokerage, etc. $ 3,600.
1st October—Purchased a further 4,000, 6 per cent, Cumulative Preference Shares of $ 100 of Alin Cements Ltd. At $ 90, brokerage and stamp duty being $ 8,600.
Write up the Ledger Accounts of the two investments for the year 2014.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education