5:30 PM←+91 94972 95529Today, 2:25 pm*lll88ILLUSTRATIONDuring the year ended 31st December 2011, 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 Julyand 1st January.1st May-Purchased 10,000, 6 per cent Cumulative Preference Shares of 100 each of AndhraCements Ltd. at 95, brokerage and stamp duty being 24,200. Dividends are payable on 30thJune 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 ofAndhra Cements Ltd. at 90, brokerage and stamp duty being 8,600.Write up the Ledger Accounts of the two investments for the year 2011.JReply

To prepare the ledger accounts for the investments of Ivory Investments Ltd. during the year ending…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.10E

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cam Acc III-June 23 1 O:22:27 C Mc Graw Hill Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2023, all with intent to hold to maturity: 2023 1 Purchased for $427,057 a 7.0%, $420,000 Jaguar Corp. bond that matures in five years when the market interest rate was 6.6%. There was a $$125 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. Monkey Mortgage Inc. plans to hold this investment until maturity. 1 Bought 8,000 shares of Mule Corp., paying $34.50 per share. There was a $125 transaction fee included in the above-noted payment amount. May 7 Received dividends of $2.90 per share on the Mule Corp. shares. June 1 Paid $336,000 for 22,000 shares of Zebra common shares. There was a $$125 transaction fee included in the above-noted payment. June 30 Received interest on the Jaguar bond.. Jan. Mar. Aug. 1 Sold the Mule Corp. shares for $34.75 per share. Dec. 31 Received interest on the…
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a7
On January 1, 2019, Matrix, Inc. purchased as an investment OMR 22,000, of 9%, 8-year bonds, interest paid semi-annually. The market rate for similar bonds is 11%, so Matrix paid OMR 20,000. Journal entry to record the second period of interest, June 30, Matrix would record a credit to investment revenue: Select one: A. 2,200 B. 1,100 C. 990 D. 1980
The following information pertains to a sale of real estate by South Co. to Nord. Co. on December 31, 2009: Carrying amount 4,000,000 Sales price: Cash 600,000 Purchase money mortgage 5,400,000 The mortgage is payable in nine annual installments of P600,000 beginning December 31, 2010, plus interest of 10%. The December 31, 2010 installment was paid as scheduled, together with interest of P540,000. South uses the cost recovery method to account for the sale. What amount of income should South recognize in 2010 from the real estate sale and its financing?
QUESTION 8 ABC Corporation invests $60,000 in a Certificate of Deposit (CD) paying annual interest of 2.5 percent. The company's Sept. 30 balance sheet shows an Interest Receivable asset of $625 related to this CD. How many months earlier did the company purchase (invest in) the CD? O a. 6 months O b.3 months O c. 4 months O d. 5 months
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Debs Co balance sheet extract for the year ended 31.12.20X3 20X2 20X3 Current liabilities S'000 S'000 Accrued debenture interest - 15 Interest payable is shown in the income statement of 20X3 as being $30,000. There are no bank loans or overdrafts. Additionally, you are told that a new finance lease agreement was taken out in the year. Total repayments are $5,000, of which $1,500 is interesting only. At present all $5,000 has been debited to the finance lease liability account. Required Prepare relevant extracts from Debs Co.'s cash flow statement
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