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Problem - Investment in equity shares - Burton Ltd acquired 20 000 shares in Cheers Lid on 1 February 2020 for 210 cents each. Transaction costs amounted to N$300. This investment is an equity instrument with gains and losses recognised in other comprehensive income (OCI), in compliance with IFRS 9 Financial Instruments.
Cheers Ltd declared a dividend of 20 cents per share on 15 May 2020.
The shares of Cheers Ltd traded at 250 cents on 30 June 2020.
Required - Compile the journals to account for the above mentioned transactions. Narrations not required. Ignore taxation.
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