In May 2004, Veeru Travels Ltd. promoted Basanti and Veeru Tonga Travels Ltd., an unlisted joint venture company in association with Basanti Tonga Ltd. It invested Rs. 2.50 crores by way of its contribution in the capital of the joint venture by subscribing to its 50 lakh equity shares of Rs. 5 each. The investment is obviously long term in nature. Accounting year of both Veeru Travels Ltd. and Basanti and Veeru Tonga Travels Ltd. is April to March. Determine the value/carrying amount of the investment of the former in the later under the following three situations on the dates mentioned:
1. On 31.03.2005, if net worth per share of Basanti and Veeru Tonga Travels Ltd. as on that date as per its balance sheet were Rs. 3.75 only, as its business didn’t do well. Veeru Travels Ltd. considers this loss to be temporary as it expects the business to pick up in the long run.
2. On 31.03.2006, if net worth per share of Basanti and Veeru Tonga Travels Ltd. as on that date as per its balance sheet further goes down to Rs.1.90. Veeru Travels Ltd., as a matter of prudence, considers this loss to be long term, that is, other than temporary

3. On 31.03.2007, if net worth per share of Basanti and Veeru Tonga Travels Ltd. as on that date as per its balance sheet improves to Rs. 2.85 as a result of unforeseen spurt in the business.