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Sisman Bhd invested RM1,000,000 in purchasing ordinary shares as available for sale financial assets (AFS). It is proposed that on 1 February 2020, company purchases

Sisman Bhd invested RM1,000,000 in purchasing ordinary shares as available for sale financial assets (AFS). It is proposed that on 1 February 2020, company purchases 100,000 ordinary shares of XNX Bhd for RM10.00 per share (including transaction cost). On 31 December 2020, Sisman Bhd is expected to receive a cash dividend of RM55,000 on its investment.

  1. Prepare the journal entries for the available for sale financial asset.

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