. On 1st April, 2017; Mr. Ajay had 10,000 equity shares (of Rs.10 each) in Pawan Ltd. at the cost of Rs.1,60,000. On 1st July, 2017; he acquired 4,000 more shares in the same company for Rs.80,000 On 31st July, 2017; he further acquired 6,000 more shares at Rs.22 per share. On 10th August, 2017; Pawan Ltd. announced bonus shares to the equity shareholders in the ratio of 1 bonus share for every 4 shares held on 5th August, 2017. Ajay received the bonus shares on 22nd August, 2017. The directors of Pawan Ltd. issued rights shares to the equity shareholders as on the following terms : 1. Right shares to be issued to the existing shareholders as on 31st August, 2017. 2. Right offered was at the rate of `15 per share in the ratio of 1 share for every 5 shares held. Full amount was payable on or before 15th October, 2017. 3. Shareholders would be entitled to renounce their entitlement either wholly or in part to the outsiders. 4. Ajay exercised his right of option under the issue of 3,000 shares and sold the balance to Mr. Shyam @ Rs.4 per share. On 20th October, 2017; Pawan Ltd. declared the dividend @ Rs.4 per share for the year ending 31st March, 2017. Ajay received the dividend on 31st October, 2017. On 10th January, 2015; Abhishek sold 7,000 shares @ Rs.40 per share. Prepare Investments Account in the books of Ajay for the year ended 31st March, 2018 .
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