On April 1st 2016, Mr. Rajesh holds 22,000 Equity shares of Rs. 10 each, in H Ltd., at a cost of Rs. 3,00,000. On 1st July 2016, he purchased 5,000 additional shares of the same co. at a cost of Rs.78,000 On 1st October 2016, Co. issued bonus of one share for every six shares held, as on that date. On 1st January 2017, he purchased Right shares, announced by the Company at the ratio of two shares for every five shares held, as on that date at Rs. 12 each. On 31st January 2017, he purchased 2,000 additional shares of the same company, at a cost of Rs. 36,000. On 1st February 2017 he sold 1,000 shares for Rs. 20 each. Prepare Investment account in the books of Mr. Rajesh for the y e 31.03.2017
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According to AS 27, in the case of Jointly Controlled Operations (JCO) and Jointly
Controlled Assets (JCA), there are no separate financial statements for the Joint Venture.
The venturer may prepare accounts for internal reporting purposes. In JCO, venturers'
assets are used. In JCA, the assets are dedicated to the venture. In the case of Jointly
Controlled Entity (JCE), there is a separate legal entity for the venture and it operates like
any other enterprise.
When X sells the plant to the venture at a profit of 20 lacs, the following is the treatment
according to AS 27 - transactions of the venture with the venture:
Explanation:
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