EDUCATION

Assignment on Journal Entries – 1457524

- by admin

Assignment on Journal Entries

In the books of Colton’s Western Wear Corp
Journal Entries
DateParticularDrCr
    
01-01-2004Investment in Shares of Zulu A/c (FVOCI)..Dr2600 
 To Bank A/c 2600
 (Being investment made)  
    
01-02-2004Investment in Shares of PLZ Corp A/c (FVTPL)..Dr31455 
 To Bank A/c 31455
 (Being investment made)  
    
01-07-2004Investment in Bonds of General Co (Amortised Cost).A/c..Dr262433 
 To Bank A/c 262433
 (Being investment made)  
    
01-07-2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr96490 
 To Bank A.c 96490
 (Being investment made)  
    
15-12-2004Dividend Receivable A/c..Dr100 
 To Dividend Income A/c 100
 (Being Dividend Receivable)  
    
15-12-2004Dividend Receivable A/c..Dr1350 
 To Dividend Income A/c 1350
 (Being Dividend Receivable)  
    
31-12-2004Bank A/c..Dr1350 
 To Dividend Receivable A/c 1350
 (Being Dividend Received)  
    
31-12-2004Investment in Shares of Zulu A/c (FVOCI)..Dr385 
 To OCI A/c 385
 (Being recognised at Fair value)  
    
31-12-2004Investment in Shares of PLZ Corp A/c (FVTPL)..Dr33345 
 To P& L A/c 33345
 (Being recognised at Fair value)  
    
31-12-2004Investment in Bonds of General Co (Amortised Cost).A/c..Dr7874 
 To Interest A/c 7874
 (Being interest received)  
    
31-12-2004Bank A/c..Dr8750 
 To Investment in Bonds of General Co( Amortised Cost )A/c 8750
 (Being Interest received)  
    
31-12-2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr2895 
 To Interest A/c 2895.0579
 (Being interest received)  
    
31-12-2004Bank A/c..Dr2500 
 To Investment in Bonds of Gidget Corp (FVTPL) A/c 2500
 (Being interest received)  
    
31-12-2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr3915.80 
 To P& L A/c 3915.80
 (Being recognised at fair value)  
    
01-01-2005Investment in Bonds of General Co( P& L  )A/c6034.42 
 To Profit And Loss A/c 6034.42
 (Being recognised at fair value)  
    
01-01-2005Profit and Loss A.c..Dr3915.80 
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 3915.80
 (Being recognised at amortised cost)  
    
05-01-2015Bank A/c..Dr1350 
 To Dividend Receivable A/c 1350
 (Being Dividend Received)  
    
30-06-2015Investment in General Body Corp (FVTPL) A/c..Dr7358.763 
 To  Interest A/c 7358.7629
 (Being interest Charged)  
    
30-06-2015Bank A/C..Dr8750 
 To Investment in General Body Corp (FVTPL) A/c.. 8750
    
    
30-06-2015Investmennt in Bonds of Gidget Corp (Amortised Cost)A/c2419.221 
 To  Interest A/c 2419.2206
 (Being interest Charged)  
    
30-06-2015Bank A/c..>Dr2500 
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 2500
 (Being interest Charged)  
    
01-07-2015Bank A/c..Dr2750 
 OCI A/c..Dr385 
 To Investment in PLZ Corp (OCI) A/c 2985
 To Profit and Loss A/c 150
 (Being Shares sold)  
    
01-07-2015Bank A/c..Dr72900 
 To Investment in ZuLu (FVTPL) 64800
 To Profit and Loss A/c 8100
 (Being sales made)  
01-07-2015Bank A/c..Dr258000 
 Profit and Loss A/c..Dr8200.14 
 To Investment in Bond of General Corp (FVTPL) A/c 266200.14
 (Being sales made)  
01-07-2015Bank A/c..Dr106000 
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 100720.08
 To Profit and Loss A/c 5279.92
 (Being sales made)  

For General Corp Bond

YearOpeningInterestCouponClosing
126243378748750261557
2261556.963478488750260654.6
3260654.642478218750259725.2
4259725.248477938750258768
5258767.969177648750257782
6257781.96877348750256766.4
7256766.383177048750255720.3
8255720.326976738750254642.9
9254642.885276408750253533.1
10253533.116276078750252390.1
11252390.0575738750251212.7
12251212.687675378750250000

For Gidget Bond

YearOpeningInterestCouponClosing
1964902895250096885.06
296885.057882907250097291.97
397291.968952919250097711.09
497711.088872932250098142.78
598142.783952945250098587.43
698587.431472958250099045.42
799045.420072972250099517.15
899517.1500329862500100003
9100003.033630002500100503.5
10100503.495530152500101019
In the books of Colton’s Western Wear Corp
Journal Entries
DateParticularDrCrExplanation
     
1/1/2004Investment in Shares of Zulu A/c (FVOCI)..Dr2600 As given
 To Bank A/c 2600 
 (Being investment made)   
 (100 Shares *26)   
2/1/2004Investment in Shares of PLZ Corp A/c (FVTPL)..Dr31455 As given
 To Bank A/c 31455 
 (Being investment made)   
 (2700 Shares *11.65)   
7/1/2004Investment in Bonds of General Co (Amortised Cost).A/c..Dr262433 As given
 To Bank A/c 262433 
 (Being investment made)   
     
7/1/2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr96490 As given
 To Bank A.c 96490 
 (Being investment made)   
     
12/15/2004Dividend Receivable A/c..Dr100 Dividend Receipt computed by Multiplying Share Quantity
 To Dividend Income A/c 100 
 (Being Dividend Receivable)   
 (100Shares*1)   
12/15/2004Dividend Receivable A/c..Dr1350 Dividend Receipt computed by Multiplying Share Quantity
 To Dividend Income A/c 1350 3%
 (Being Dividend Receivable)   
 (2700 Shares *0.5)   YearOpeningInterestCouponClosing
12/31/2004Bank A/c..Dr1350 Receipt Transaction Recorded126243378748750261557
 To Dividend Receivable A/c 1350 2261556.963478488750260654.6
 (Being Dividend Received)   3260654.642478218750259725.2
 (2700 Shares *0.5)   4259725.248477938750258768
12/31/2004Investment in Shares of Zulu A/c (FVOCI)..Dr385 Difference between fair value and held value’5258767.969177648750257782
 To OCI A/c 385 6257781.96877348750256766.4
 (Being recognised at Fair value)   7256766.383177048750255720.3
 (2985-2600)   8255720.326976738750254642.9
12/31/2004Investment in Shares of PLZ Corp A/c (FVTPL)..Dr33345 Difference between fair value and held value’9254642.885276408750253533.1
 To P& L A/c 33345 10253533.116276078750252390.1
 (Being recognised at Fair value)   11252390.0575738750251212.7
 (2700*(24-11.65)   12251212.687675378750250000
12/31/2004Investment in Bonds of General Co (Amortised Cost).A/c..Dr7874 Intrerest recorded as per table13
 To Interest A/c 7874 
 (Being interest received)   3%
 (Refer Table to right)   YearOpeningInterestCouponClosing
12/31/2004Bank A/c..Dr8750 Coupon Receipt1964902895250096885.06
 To Investment in Bonds of General Co( Amortised Cost )A/c 8750 296885.057882907250097291.97
 (Being Interest received)   397291.968952919250097711.09
 (Refer Table to right)   497711.088872932250098142.78
12/31/2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr2895 Intrerest recorded as per table598142.783952945250098587.43
 To Interest A/c 2895.0579 698587.431472958250099045.42
 (Being interest received)   799045.420072972250099517.15
 (Refer Table to right)   899517.1500329862500100003
12/31/2004Bank A/c..Dr2500 Coupon Receipt9100003.033630002500100503.5
 To Investment in Bonds of Gidget Corp (FVTPL) A/c 2500 10100503.495530152500101019
 (Being interest received)        
 (Refer Table to right)        
12/31/2004Investment in Bonds of Gidget  Corp. (FVTPL)A/c..Dr3915.80 Fair Value Adjustment by computing fair value by using PV Formula1
 To P& L A/c 3915.80 100800.86-100800.86
 (Being recognised at fair value)   
 (Refer Table to right)   
1/1/2005Investment in Bonds of General Co( P& L  )A/c6034.42 Conversion recording to Fair Value-267591.38
 To Profit And Loss A/c 6034.42 
 (Being recognised at fair value)   
 (Refer Table to right)   
1/1/2005Profit and Loss A.c..Dr3915.80 Conversion recording to Amortised Cost
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 3915.80 
 (Being recognised at amortised cost)   
 (Refer Table to right)   
1/5/2015Bank A/c..Dr100 Receipt Transaction Recorded
 To Dividend Receivable A/c 100 
 (Being Dividend Received)   
 (100Shares*10   
6/30/2015Investment in General Body Corp (FVTPL) A/c..Dr7358.763 Interest Recording at Fair value
 To  Interest A/c 7358.7629 
 (Being interest Charged)   
 (Refer Table to right)   
6/30/2015Bank A/C..Dr8750 Receipt Transaction Recorded
 To Investment in General Body Corp (FVTPL) A/c.. 8750 
 (Refer Table to right)   
     
6/30/2015Investment in Bonds of Gidget Corp (Amortised Cost)A/c2419.221  
 To  Interest A/c 2419.2206Interest Recording at Fair value
 (Being interest Charged)   
 (Refer Table to right)   
6/30/2015Bank A/c..>Dr2500 Receipt Transaction Recorded
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 2500 
 (Being interest Charged)   
 (Refer Table to right)   
7/1/2015Bank A/c..Dr2750 Sale Transaction 
 OCI A/c..Dr385  
 To Investment in PLZ Corp (OCI) A/c 2985 
 To Profit and Loss A/c 150 
 (Being Shares sold)   
 (2985-2750)   
7/1/2015Bank A/c..Dr72900 Sale Transaction 
 To Invesment in ZuLu (FVTPL) 64800 
 To Profit and Loss A/c 8100 
 (Being sales made)   
 (72900-64800)   
7/1/2015Bank A/c..Dr258000 Sale Transaction 
 Profit and Loss A/c..Dr8200.14  
 To Investment in Bond of General Corp (FVTPL) A/c 266200.14 
 (Being sales made)   
 (266200-258000)   
7/1/2015Bank A/c..Dr106000 Sale Transaction 
 To Investment in Bonds of Gidget Corp (Amortised Cost) A/c 100720.08 
 To Profit and Loss A/c 5279.92 
 (Being sales made)   

Related Posts

Franchising Business and Entrepreneurship-2292870

Globalisation-2292881

The Effects of Digital Trade Agreements on Economic Relationships between Nations By-2294265

About admin

View all posts by admin →