Question 26 Mr. X acquires 200 shares of a company on cum-right basis for 70,000. He subsequently receives an offer of right to acquire fresh shares in the company in the proportion of 1:1 at 107 each. He does not subscribe but sells all the rights for 12,000. The market value of the shares after their becoming ex-rights has also gone down to * 60,000. What should be the accounting treatment in this case