Question
Task Ltd. has the following transactions in purchasing and selling the ordinary shares of Sugar Company: 15. Jul. 2018 Purchased 12,000 shares of Sugar Company
Task Ltd. has the following transactions in purchasing and selling the ordinary shares of Sugar Company:
15. Jul. 2018 Purchased 12,000 shares of Sugar Company @ $100 per share.
31. Dec. 2018 The fair value of the ordinary shares of Sugar Company is $160 per share.
15. Jan. 2019 Sold the 4,000 ordinary shares of Sugar Company @ $150 per share.
Required:
Task Ltd. classifies the investment in the ordinary shares of Sugar Company as financial assets at fair value through other comprehensive income in accordance with HKFRS 9. Prepare journal entries for Task Ltd. to record the above transactions for 2018 and 2019.
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Risk Based Management Led Audit Driven Safety Management Systems
Authors: Ron C. McKinnon
1st Edition
1498767923, 978-1498767927
